June 2, 2024
OpenLedger, a leading data blockchain platform for AI, has successfully closed an $8 million seed funding round. The round was co-led by Polychain Capital and Borderless Capital, highlighting the growing interest in decentralized solutions for artificial intelligence.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
OpenLedger | June 2, 2024 | $8M | Seed | $8M | Polychain Capital, Borderless Capital | AI |
OpenLedger offers a unique approach to AI development by focusing on the critical challenge of data quality. They provide a permissionless infrastructure for the entire data lifecycle, allowing developers to build more reliable and efficient AI models with verifiable data. This sets OpenLedger apart from existing solutions that primarily focus on computing power and algorithms.
The funding round attracted participation from a diverse group of investors, including Finality Capital, HashKey Capital, prominent angel investors like Sandeep Nailwal (Polygon) and Sreeram Kannan (EigenLabs), and venture capital firms specializing in Web3 and blockchain technologies. This strong investor backing underscores the potential of OpenLedger's approach to revolutionize AI development.
OpenLedger's team boasts extensive experience in decentralization, having partnered with industry giants like Sony, Polygon, and Hedera. Their data-centric infrastructure leverages EigenLayer's economic security to ensure verified data flows, free from manipulation and highly secure. This aligns with the growth of the AI market, projected to reach over $826 billion by 2030. OpenLedger offers a permissionless alternative to centralized data infrastructure providers like Scale AI, addressing a key bottleneck in the industry's growth.
With the backing of leading investors like Polychain Capital and Borderless Capital, OpenLedger is positioned to solve critical data challenges and unlock new use cases at the intersection of Web3 and AI.
OpenLedger is planning to launch its testnet in Q4 2024, with a focus on expanding its team and operations to support this significant milestone.
About OpenLedger
OpenLedger is at the forefront of AI data innovation, offering infra for managing decentralized, permissionless, verifiable, and interoperable data. By providing a secure and robust infrastructure, OpenLedger empowers AI to become censorship-free, fully verifiable, and risk-mitigated. AI teams can now utilize the verifiable diverse data infrastructure of OpenLedger, enabling them to build better and improved models. OpenLedger leverages Ethereum security through EigenLayer’s Active Validated Service (AVS), ensuring data integrity and security.
Website: https://www.openledger.xyz/
X Account: https://x.com/OpenledgerHQ
X Followers today: 22,900
About Investors
Investor: Polychain Capital
Polychain Capital is an American investment firm based in San Francisco, California. Founded in 2016 by Olaf Carlson-Wee, the company focuses on investments related to cryptocurrency and blockchain technology. Polychain manages actively managed portfolios of blockchain-based digital assets, leveraging software to create, issue, and transmit these assets. Notable investors in Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures, and Founders Fund. The firm has invested in companies such as Coinbase, Kik Messenger, and Tezos. While they considered an initial public offering (IPO) in 2018, they ultimately decided not to proceed. Polychain’s assets fluctuated significantly due to market dynamics, but their focus remains on innovative projects within the crypto space.
Location: San Francisco
Website: https://polychain.capital/
Investor: Borderless Capital
Borderless Capital is a thesis-driven investment firm focused on blockchain technology and cryptocurrencies. With deep industry expertise, Borderless Capital aims to create substantial value through strategic investments in the blockchain ecosystem.
Location: United States
Website: www.borderlesscapital.io
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