June 21, 2024
Verida, a developer for the DePIN network, has secured $5 million in funding to tackle the increasing concerns about user data privacy in the era of Big Tech AI. The seed funding round saw contributions from several entities including O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng from Mysten Labs. The funds were also raised through the community pre-sales of the Verida Storage Credit token.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Category |
|---|---|---|---|---|---|
Verida | $5M | June 21, 2024 | Seed | $50M | AI, DePin |
These funds will be used to develop alternative data storage solutions. These solutions are aimed at internet users who wish to prevent their data from being utilized for AI training.
Verida is set to bring about a change in the AI domain by giving users control over their data. This will pave the way for a more secure, privacy-preserving personalized AI that can be accessed by everyone, as stated by a representative from Verida.
The newly acquired funds will be used to enhance Verida's infrastructure for personal data ownership. The network's goal is to provide users with decentralized storage and encryption for their personal data. This data will be distributed across multiple nodes, each managed by different participants in the network.
About Verida
Verida is a network that focuses on the self-sovereign data economy. It provides a full stack development framework and a decentralized personal data network for Web3. The network includes personal data storage, identity, messaging, and single sign-on solutions, enabling interoperable ownership of personal data.
They have partnered with various organizations, including Polygon ID, NEAR, cheqd, zkPass, Partisia Blockchain, FinClusive, Reclaim, and Kima, to enhance private data verification and streamline compliance processes. This collaboration aims to redefine user experience in the digital space, where privacy and trust are not a choice but a standard.
Website: https://www.verida.io/
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About Investor
The seed funding round saw contributions from several entities including O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng from Mysten Labs. The funds were also raised through the community pre-sales of the Verida Storage Credit token.
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