August 15, 2024
Binance Labs, the venture capital and incubation division of Binance, has invested in MyShell, a decentralized AI ecosystem. This investment is a significant milestone for MyShell, a startup launched in April 2023, aiming to transform AI development and monetization.
Project | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|
MyShell | August 15, 2024 | Binance Labs | AI |
MyShell’s mission is to democratize the creation and distribution of AI-powered applications. The company is built on four key pillars: an open-source model layer, an AI creator platform, an AI app store, and an incentive network. These components are designed to create an equitable environment where creators can build, share, and own AI applications, with fair compensation integrated into the ecosystem.
Yi He, Co-Founder of Binance and Head of Binance Labs, highlighted the importance of supporting AI-powered consumer applications and expressed excitement about MyShell’s potential to develop a robust creator economy based on AI and crypto.
The support from Binance Labs is notable due to its influence in the Web3 space. Binance Labs’ incubation programs have consistently attracted early-stage projects with transformative potential. MyShell’s inclusion in Season 6 of the Binance Labs Incubation Program indicates significant promise in the startup’s vision of an open and collaborative AI ecosystem.
Ethan Sun, Co-Founder of MyShell, emphasized the platform’s transformative potential, stating that MyShell is building composable and multimodal AI primitives with real use cases and broader adoption. He expressed enthusiasm about creating an open ecosystem that revolutionizes traditional AI production, with Binance Labs’ support being crucial in realizing this vision.
The partnership between Binance Labs and MyShell could have significant implications for how AI technologies are developed, shared, and monetized. By leveraging blockchain’s decentralized ethos, MyShell aims to challenge traditional AI gatekeepers, offering a platform where innovation can thrive without the constraints typically imposed by large tech corporations.
This investment also reflects a broader trend in the tech industry, where AI and blockchain are increasingly converging. The integration of decentralized finance (DeFi) principles with AI could open new avenues for monetization and collaboration, potentially reshaping the future of AI-driven applications. Applications for Season 7 of the Binance Labs Incubation Program are now open, targeting early-stage Web3 projects.
About MyShell
MyShell is a decentralized AI platform that connects users, creators, and open-source AI researchers. It allows users to build, share, and own AI-native applications. The platform features an AI creator economy where anyone can transform their ideas into AI-powered apps quickly and efficiently. MyShell supports the creation of custom AI characters and chatbots, enabling users to develop useful and entertaining bots for various purposes, including companionship, learning, and more. By leveraging state-of-the-art generative AI models, MyShell aims to democratize AI development and foster a collaborative ecosystem.
Website: https://myshell.ai/
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About Investor
Investor: Binance Labs
Binance Labs is the venture capital and incubator arm of Binance, a leading cryptocurrency exchange. With a portfolio worth over $10 billion, Binance Labs is dedicated to identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem.
Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web. Its portfolio covers 250 projects from over 25 countries across six continents and has a return-on-investment rate of over 14X2. Fifty of Binance Labs’ portfolio companies are projects that have gone through their incubation programs.
The mission of Binance Labs is to empower the decentralized web. It promotes a larger blockchain and provides financial leverage for potential projects in the cryptocurrency industry. Through its investments and support, Binance Labs is playing a crucial role in accelerating the blockchain industry.
Location: Hong Kong, Hong Kong
Website: https://labs.binance.com/
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