PANews, June 25: According to a Bloomberg report, compute marketplace Ornn announced that it has raised $33 million in a seed round led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, and SV Angel, and follow-on investment from Vine Ventures, Crucible Capital, Link Ventures, and Box Group.

Founded in 2025 by two MIT graduates, Ornn aims to build a compute trading market. The company had previously developed an index that tracks GPU compute costs. Ornn CEO Kush Bavaria and CTO Wayne Nelms said the new funding will be used for hiring and business expansion, and to launch a GPU capacity trading platform, enabling data centers, small and medium-sized cloud service providers, and other users to buy and sell compute just like commodities such as oil, offering short-term flexible commitments to serve more small and medium-sized enterprises.