November 20, 2024
OpenLayer, a startup combining crypto and artificial intelligence, has raised $5 million in its seed funding round. The company, founded by three former Robinhood employees, attracted support from prominent investors, including a16z Crypto Startup Accelerator (CSX), Geometry, IOSG Ventures, Spartan Group, and LongHash Ventures. Angel investors from notable projects such as EigenLayer, AltLayer, and Sei Network also participated. The round, conducted through a Simple Agreement for Future Equity (SAFE), opened in June and closed in August 2024.
Co-founded in 2023 by Yuchen Jiang, Kevin Yin, and Chen Chen, OpenLayer is building an AI-driven data layer designed to address challenges in accessing user data controlled by tech giants. Users interact with the platform through a Chrome extension, contributing and validating data while earning rewards. Developers, with user consent, can maximize this data for applications like AI training, personalized services, and user engagement. OpenLayer has already partnered with firms across social networking, gaming, and AI sectors, generating revenue by charging fees for data access.
The platform operates as an actively validated service (AVS) on EigenLayer, an Ethereum restaking protocol. OpenLayer has quickly gained traction, with over 48,575 restakers and a restaked value exceeding 3.38 million ether, positioning it as one of the largest AVSs on EigenLayer. As the U.S.-based company scales, it plans to expand its team and explore launching its own token to support its ecosystem.
About OpenLayer
OpenLayer is a crypto-AI platform founded in 2023 by three former Robinhood employees. The startup provides a privacy-focused data validation layer that enables developers to access verified user data for a range of applications. Operating as an AVS on EigenLayer, OpenLayer is designed to enhance AI models and personalized services while maintaining strong data privacy.
Website: https://www.openlayer.xyz/
X: @openlayerHq
About Investor
a16z Crypto Startup Accelerator
The a16z Crypto Startup Accelerator (CSX) is an initiative by Andreessen Horowitz (a16z) aimed at empowering early-stage blockchain and crypto startups. The program offers funding, mentorship, and resources to help emerging companies innovate in the blockchain ecosystem.
Location: Menlo Park, California
Website: https://a16zcrypto.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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