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

Numerai, an AI-driven hedge fund, recently raised $30 million in a Series C funding round, which was led by prominent university endowments, boosting its valuation to $500 million — a substantial increase from its previous valuation of $100 million in 2023. Following this announcement, the company's native token, Numeraire (NMR), experienced a surge of over 40%. Numerai, based in San Francisco, crowdsources machine-learning models from anonymous data scientists worldwide, rewarding them with NMR tokens based on their performance. The company has expanded its assets under management to $550 million from $60 million over the past three years. Its Meta Model achieved a notable 25.45% net return in 2024. This funding round follows prior backing from JPMorgan Asset Management, which Numerai plans to deploy in the next year as AI becomes increasingly integrated into crypto. The influx of AI in finance is marking a shift, with systems that autonomously manage trading and liquidity emerging.

Source 🔗