Quick take:
- Polychain Capital and Borderless Capital led the round with several other Web3 VCs also participating.
- Sreeram Kannan of EigenLabs, Balaji Srinivasan, Polygon’s Sandeep Nailwal and Sebastien Borget of The Sandbox were among those who joined as angel investors.
- The company seeks to address the issue of data in AI model training, which its press release states is the biggest challenge that many AI models face today.
OpenLedger, a blockchain data oracle for AI models has raised $8 million in a Seed round led by Polychain Capital and Borderless Capital. The fundraising also attracted participation from Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures and WAGMI Ventures.
Sreeram Kannan of EigenLayer, Balaji Srinivasan, Polygon’s Sandeep Nailwal and Sebastian Borget of The Sandbox were among several others who joined as angel investors.
OpenLedger believes the advancement of AI will be driven by three elements, computing, algorithms, and data.
The company said in a press release on Tuesday that, while developers have figured out how to address the issue of computing with powerful computers and created complex algorithms, data remains the biggest challenge that AI model builders are facing today.
“Data is currently the biggest bottleneck in AI development, with the quality of AI models derived from the data the models are trained on,” OpenLedger wrote.
The company believes its fully permissionless and verifiable data-centric infrastructure could spur the growth and development of AI by enabling builders to create smarter and more performant AI models.
OpenLedger is leveraging EigenLayer’s crypto restaking protocol to secure its network and was alert to point out how the protocol has rapidly grown to a TVL of $20 billion, amid the rising demand for restaking services.
Kannan was equally optimistic about the collaboration, saying “Verifiable databases was the first category I wanted to see built on EigenLayer, as this category empowers a new category of developers who can work with verified data.”
OpenLedger plans to launch its testnet at the bigging of the fourth quarter in 2024 and is now expanding its team and operations to realise that goal.
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