Nikolas Sargeant
OpenLedger, the sovereign data blockchain for AI, announced on Tuesday, July 2nd, that it has successfully raised $8 million in its seed round. In a press release shared with Cryptowisser, OpenLedger said the funding round was led by Polychain Capital and Borderless Capital.
OpenLedger is the sovereign data blockchain for AI. it provides permissionless infrastructure for the data lifecycle, empowering builders to create smarter and more performant models with verifiable data.
Other investors in the funding round include Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, WAGMI Ventures as well as angel investors such as Sreeram Kannan (EigenLabs), Balaji Srinivasan, Sandeep Nailwal (Polygon), Kenny Li (Manta), Scott Moore (Gitcoin), Chainyoda, Vyas Krishnan (EigenLabs), Sebastien Borget (Sandbox), Alan Curtis (EigenLabs), Trevor (Polymath), Aniket Jindal (Biconomy), Paul Taylor (Ex BlackRock) and many more.
The team explained that their approach to promoting AI is based on three pillars: data, computing, and algorithms. OpenLedger believes that data is currently the biggest bottleneck in AI development, with the quality of AI models derived from the data the models are trained on. At the moment, the AI industry has addressed the need for powerful computing and algorithms, but the crucial bottleneck of data remains.
With the OpenLedger platform, the data problem is solved thanks to its permissionless and verifiable data-centric infrastructure. The OpenLedger platform addresses the problem of data quality by enabling verified data, flowing in an unbiased manner from multiple sources, free from any data tampering, and being extremely secure by leveraging EigenLayer’s economic security affected by its $20 billion TVL as well as the diverse node sets. This ensures that there is no compromise either on the security or the ethos of decentralization upon which OpenLedger is built.
Polychain Capital and Borderless Capital, the two companies who led the investment round believe OpenLedger is solving a crucial problem that will enable exponential growth in overall adoption as well as new use cases at the intersection of Web3 & AI.
While commenting on this latest development, Sreeram Kannan, Founder of EigenLabs, said,
“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. We are excited to collaborate with OpenLedger as they grow this category.”
OpenLedger is working towards launching its testnet at the beginning of the fourth quarter of 2024 and will expand its team and operations focusing on this endeavor.
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.
