OpenLedger, the blockchain platform for AI data sovereignty, has successfully raised $8 million in a seed funding round led by Polychain Capital and Borderless Capital.
The AI-specific blockchain platform, OpenLedger, empowers developers to create more intelligent and efficient models by providing permissionless infrastructure for the entire data lifecycle. This allows for the use of verified data in AI model development.
Other investors in the round include Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, WAGMI Ventures, and 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), Trevor (Polymath), Aniket Jindal (Biconomy), Paul Taylor (Ex BlackRock), and more.
OpenLedger’s approach to enhancing AI focuses on three pillars: computing, data, and algorithms. The platform addresses the critical issue of data quality, which is currently the largest bottleneck in AI research, by providing a fully permissionless and verifiable data-centric architecture.
The platform boasts a strong track record in the decentralization field, having worked with renowned companies such as Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs). OpenLedger’s infrastructure ensures high-quality data across various channels, emphasizing attributes such as security, permissionlessness, diversity, verifiability, and integrity. It also prioritizes data security through the utilization of EigenLayer’s economic security.
The AI industry is expected to surpass $826 billion by 2030, and despite a $14 billion market valuation, centralized data infrastructure businesses like Scale AI may face challenges in the long term due to data quality concerns. OpenLedger’s permissionless data architecture overcomes this obstacle and opens up new possibilities for serving a larger market.
Leading the funding round were Polychain Capital and Borderless Capital, expressing confidence in OpenLedger’s ability to drive exponential growth in general adoption and new use cases at the intersection of Web3 and AI.
Sreeram Kannan, Founder of EigenLabs, expressed support for OpenLedger’s initiative, as the platform plans to expand its team, operations, and deploy its testnet in the fourth quarter of 2024.