August 20, 2024
YeagerAI, the company behind the decentralized AI network GenLayer, has secured $7.5 million in seed funding. The round was led by North Island Ventures, with contributions from Node Capital, Arrington Capital, ZK Ventures, WAGMI Ventures, BlockBuilders, Arthur Hayes’s family office Maelstrom, and several angel investors.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
YeagerAI | $7.5M | August 20, 2024 | Seed Round | North Island Ventures | Web3, AI |
YeagerAI is developing “intelligent contracts,” which are blockchain-based systems that use large language models connected to the internet to perform tasks. Node Capital partner Amos Meiri highlighted that one of the industry’s main challenges is the reliance on human intervention and the lack of access to real-world data.
GenLayer co-founder Albert Castellana explained that integrating AI with blockchain technology allows for “consensus on subjective decisions.” Current blockchains use deterministic computation, where specific inputs always yield the same outputs. By enabling responses to online information, developers can create applications that adapt to changing conditions like financial markets, weather, and news events.
GenLayer also employs a unique delegated proof-of-stake algorithm, which randomly selects a lead validator to propose an output. This output is then voted on by four other validators connected to different large language models. If the majority supports the output, the transaction is processed.
About YeagerAI
YeagerAI is a Web3 AI startup that has developed a decentralized AI network called GenLayer. GenLayer features “intelligent contracts,” which are blockchain-based systems utilizing large language models (LLMs) connected to the internet to execute tasks. This technology allows developers to create applications that can adapt to changing conditions such as weather and financial markets. By integrating AI with blockchain, YeagerAI aims to address industry challenges like the need for human intervention and limited access to real-world data, ultimately enabling more adaptive and efficient applications.
Website: https://yeager.ai/
About Investor
Investor: North Island Ventures
North Island Ventures is a crypto-focused investment firm that supports innovative projects in the blockchain and cryptocurrency space. The firm is led by a team of experienced professionals, including co-founders James Hutchins, Travis Scher, and Glenn Hutchins. They leverage their extensive backgrounds in investment, research, and technology to identify and support promising startups. North Island Ventures aims to drive the growth and adoption of blockchain technology by providing strategic funding and guidance to its portfolio companies.
Location: New York, NY
Website: https://northisland.ventures/
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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