The founder of Nebulous firm Hypernet Labs, Ivan Ravlich, confirmed through his Twitter account that “the hypernet labs have reached the end of its journey.’’ He further explained why the company had gotten to the edge.

He said that while their team built a “very strong base layer”, they needed to transition to a “more product-focused team that was better positioned to grow the broader ecosystem.” 

Hypernet was impacted by the same market headwinds that have affected millions around the world since May. “Unfortunately, the treasury was also held in Ethereum, which disproportionately exacerbated the bear market’s impact on our balance sheet”, he wrote.

What he didn’t mention was the lawsuit that had just been filed against the company, by investors who alleged that Ravlich and his co-founders lied to investors and never created any usable product or service. Investors claim to have lost millions in cryptocurrency, and one alleged that Ravlich and his compatriots used a shell company in the Cook Islands to make it harder for him to recoup his losses.

Hypernet initially promised to create a system for renting unused computing power, and in 2018 raised around $20 million in an initial coin offering (ICO). In late 2021, Hypernet “pivoted hard” into NFTs, which one investor stated was a “knee-jerk reaction to the flavor of the day” and a “last-ditch attempt to find a non-existent market for a non-existent product”.

Who is Hypernet Lab’s Ravlich?

Ravlich, whose father is a New Zealander with a family still living in Auckland, enjoyed a meteoric rise from Kerikeri High School, where he was headmaster and doge in 2007. The following year he went to the University of Auckland to study Chemical Engineering and Materials Science on a scholarship. The young tech genius then traveled to the renowned Stanford University in California, where he completed a master’s degree.

 In a radiant alumni profile on the University of Auckland website, Ravlich said he founded Hypernet with the aim of making the startup “the connective tissue between all the world’s computing resources.” While studying for a Ph.D., he founded and became CEO of a startup company called Hypernet Labs in 2017 with fellow Stanford graduates Todd Chapman and Daniel Maren.

The first Hypernet product was called a Galileo, which Ivan had the vision of reaching out to researchers who undertake simulations. One of the initial investors said that when Hypernet charged people for Galileo, it accepted payment via credit card, not its own crypto token, which the investor believes appears never to have been used as intended.

Ravlich was named one of Forbes magazine’s “30 Under 30” in the science category in 2020 whereby his profile on the Forbes website said Galileo had been used by government agencies and a space propulsion company.

“Starting Hypernet is one small step to further all sectors of science and technology with our mission of realizing ethical, ubiquitous computing”, the tech entrepreneur had intimated back then.  He is also, a multi-instrumentalist musician who likes ballroom dancing, where he learned the benefits of risk-taking.

“My dance teacher at Stanford taught me a lot about experimenting, going with the flow, and taking risks.”

In his University of Auckland profile, Ravlich said starting Hypernet was the first step to spreading computing power around the world.

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