Marble, a capital markets firm focused on frontier markets and AI infrastructure finance, has come out of stealth with $11m in seed funding to build out its institutional trading and private credit operations.

Polychain Capital led the round. Maven 11, Ripple, Susquehanna Crypto, Lattice and Blockwall also took part, along with other venture and strategic backers and a small group of angel investors with an AI focus.

The company runs two divisions. Marble Compute is developing private credit infrastructure that links institutional lenders with neoclouds and GPU operators expanding AI capacity. Marble Markets is creating a platform where institutions can trade digital assets, real-world assets, prediction markets and compute, with Marble acting as counterparty.

Marble Compute is aimed at smaller, independent operators. The biggest listed neoclouds can raise money through public markets and major banks, but mid-market players often struggle to secure financing even when buyers have already committed to their capacity.

Marble Compute intends to originate, underwrite and structure deals for these businesses and present them to lenders through both conventional and on-chain credit structures. Its underwriting will look at the hardware, the credit quality of contracted customers and whether the operator can service its debt. Pending regulatory approval, the firm plans to fund deals through single-opportunity vehicles first, then move to multi-opportunity funds, all run through one asset management platform.

Marble Markets’ plans include compute forwards, which let operators fix a rental price now for capacity they will supply later. The firm is also developing spot trading, lending and derivatives for digital assets, block trading in prediction markets and over-the-counter compute forwards.

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