Surf Secures $15M Series A to Build Crypto-Specialized AI Research Model

Surf, a San Francisco-based startup developing an AI platform tailored for cryptocurrency research and trading, has raised $15 million in a Series A funding round. The investment, led by Pantera Capital with participation from Coinbase Ventures and Digital Currency Group, aims to support the launch of an upgraded model and expand enterprise features.

This move comes as the company reports growing adoption among individual users and institutional players who seek reliable tools for navigating the volatile crypto markets.

Founder's Vision and Company Origins

Ryan Li, Surf's CEO and cofounder, brings a decade of experience in AI from his undergraduate days at UC Berkeley, combined with hands-on involvement in two prior crypto startups. He identified a gap in general-purpose AI models, such as those from OpenAI and xAI, which often produce inaccurate responses—or "hallucinations"—when queried about complex crypto topics. 

These errors, Li noted in discussions, can lead to significant financial losses for traders. To address this, he teamed up with cofounders Wilson Wei, Shiyu Zhang, and Zhimao Liu to create Surf, a specialized platform that integrates domain-specific knowledge to deliver precise insights.

The company, powered by the Cyber ecosystem, emphasizes vertical specialization. As Li explained in a recent post on X, even after years in the industry, staying current with new projects, tokens, and market shifts remains challenging without dedicated tools. Surf streamlines this by pulling data from on-chain sources, social feeds, and technical indicators, allowing users to focus on decision-making rather than data aggregation.

What are the Details of the Funding Round?

Announced on December 10, the $15 million raise will primarily fund the development of Surf 2.0, an advanced proprietary model designed exclusively for crypto applications. While the valuation remains undisclosed, the backing from prominent crypto investors signals confidence in Surf's approach. Pantera Capital, known for its early bets on blockchain technologies, took the lead, joined by Coinbase Ventures and Digital Currency Group, both of which have extensive portfolios in digital assets.

This capital injection follows Surf's initial launch as an invite-only service in July 2025, with a public rollout in September. The funds will also enable new enterprise offerings, including bulk user seats and API integrations for automating workflows like competitive analysis and project due diligence.

What are the Platform Features and How Does It Work?

At its core, Surf functions as an AI command hub that processes queries ranging from basic explanations to intricate technical analyses. Users can ask about token designs, regulatory events, or market-moving incidents, and the platform responds with structured reports featuring named entity recognition for key highlights and interactive charts for data exploration.

Key capabilities include real-time social sentiment tracking from over 100,000 curated crypto influencers, technical analysis using more than 200 indicators, and on-chain monitoring across 40-plus blockchain networks. 

A deep search agent scans hundreds of web pages and a proprietary database to provide up-to-date insights, making it suitable for tasks like pre-token generation event reports or airdrop hunting. For example, a user might query, "List all Binance-listed tokens and break down pre-market trading, percentage of supply to users on day one, and unlock schedules," receiving a comprehensive, cited response.

The platform's Cryptopedia section offers educational resources, while macro market overviews help users grasp broader trends. This combination ensures that both novice investors and professionals can access actionable information without sifting through fragmented sources like explorers or endless social threads.

User Adoption, Revenue, and Business Model

Surf has seen steady growth, with company reports indicating over 1 million research reports generated for more than 80,000 users since launch. However, broader metrics shared with media suggest a total user base exceeding 300,000, including sign-ups and active participants. Interestingly, 80 percent of these users are everyday individuals outside the crypto industry, while the remaining 20 percent comprise venture firms, exchanges, and other sector entities.

Revenue stems from a tiered subscription model. A free version allows limited daily questions, but paid plans range from $15 to $399 per month, offering unlimited access, advanced features, and priority support. The startup currently generates a few million dollars annually and projects reaching $10 million by the end of 2026. With just under 30 employees, Surf maintains a lean operation focused on iterative improvements.

“Surf was something that we wanted to build for ourselves, and it turns out the market loves it,” Li told Fortune. “I think Surf is the best model for crypto, and we want to make sure people trust Surf instead of relying on hallucinations from other models.”

Competitive Landscape and Performance Benchmarks

Surf positions itself against mainstream AI like ChatGPT, Perplexity, and Grok, claiming superior performance on crypto-specific tasks. According to internal testing co-authored with Princeton University researchers, Surf outperforms these models by up to four times on the CAIA benchmark, which evaluates AI in adversarial financial environments where misinformation is prevalent.

The benchmark highlights challenges in high-stakes settings, where general models achieve low accuracy—around 28 percent without tools—due to vulnerabilities like preferring unreliable web searches over authoritative data. Surf's specialized training mitigates this, providing more citations and crypto-relevant details, though it may respond slightly slower than generalists.

“ChatGPT is a really good generalist, but it doesn’t know the crypto industry enough,” Li said in the Fortune interview. “Surf is like that expert that worked in the industry for a long time by us training the model just for crypto.”

What to Expect: Surf 2.0 and Beyond

With the fresh capital, Surf plans to roll out version 2.0 in February 2026, featuring reduced hallucinations, expanded data pipelines, and additional agents for multi-step workflows. This upgrade will enhance reliability for enterprise users, enabling custom applications in due diligence, portfolio reviews, and trading strategies.

The company also aims to deepen integrations, making it easier for teams to collaborate and automate processes. As crypto markets continue to evolve, tools like Surf could play a key role in democratizing access to sophisticated analysis, helping users make informed decisions amid complexity and rapid change. 

Sources:

• _{Fortune: Exclusive article on Surf's $15M Series A funding.}

• _{CoinDesk: Business report on Surf's funding for crypto-specialized AI model.}

• _{Ryan Li on X: CEO's post on funding announcement.}

• _{Surf AI on X: Official company announcement on Series A raise.}