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Based Raises $11.5M To Decentralize GPU Compute
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On February 23, 2026, Based closed an $11.5 million Series A led by Variant, bringing total funding above $15 million and a post-money valuation near $85 million. The startup will use the capital to double its engineering team and launch an Incentivized Testnet in March 2026 targeting onboarding of 50,000 GPUs. Based builds a Layer 2 permissionless marketplace enabling developers to rent GPU clusters for training LLMs.
