AI hedge fund Numerai wins backing from top university endowments, token soars

Numerai’s NMR token jumped over 40% after it announced a new funding round led by major university endowments, pushing the hedge fund to a $500 million valuation.

Numerai raised $30 million in a Series C round led by top university endowments, giving the AI-driven, crypto-incentivized hedge fund a $500 million valuation — five times its valuation in 2023.

Following the announcement, Numeraire (NMR), the token that powers the platform’s crowdsourced prediction network, jumped over 40%, according to CoinGecko data.

The raise drew participation from existing backers such as Shine Capital, Union Square Ventures and Paul Tudor Jones.

Read more