Innovative Blockchain Platform OpenLedger Raises $8 Million in Seed Round
Singapore, Singapore, July 2nd, 2024 - OpenLedger, the leading data blockchain for AI, has successfully secured $8 million in its seed round. The funding was spearheaded by Polychain Capital and Borderless Capital.
OpenLedger serves as a fundamental data blockchain for AI, offering an open infrastructure for the data lifecycle. This empowers developers to build intelligent and high-performing models based on verifiable data.
Beyond Polychain Capital and Borderless Capital, additional investors include Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, WAGMI Ventures, and prominent angel investors such as Sreeram Kannan from EigenLabs, Balaji Srinivasan, Sandeep Nailwal from Polygon, Kenny Li from Manta, and others.
OpenLedger's strategy to enhance AI revolves around three core aspects: data, computing, and algorithms. Currently, data quality stands as a critical bottleneck in AI evolution, significantly impacting the models' training and effectiveness. While computing power and algorithms have made significant strides, the data quality challenge persists.
The platform introduced by OpenLedger offers a permissionless and verifiable data-centric infrastructure, driving AI growth and advancement. The team's previous collaborations with renowned brands like Sony, Walmart, Polygon, Hedera, and Flow attest to their expertise in the decentralization domain.
Data quality in AI should encompass factors such as verifiability, diversity, permissionless access, integrity, and security. OpenLedger's infrastructure precisely caters to these data quality dimensions, ensuring verified, unbiased data from multiple sources, free from tampering and highly secure due to EigenLayer's economic security measures.
The AI market has witnessed remarkable expansion, growing from $50 billion in 2023 to $184 billion in 2024, with projections estimating it to surpass $826 billion by 2030. While centralized data infrastructure companies like Scale AI command a $14 billion valuation, concerns regarding data quality loom as a hindrance in the long run. OpenLedger's permissionless data infrastructure presents a solution to this challenge, expanding the potential market scope.
The investment round, led by Polychain Capital and Borderless Capital, indicates their belief in OpenLedger's pivotal role in driving exponential adoption and exploring new use cases at the intersection of Web3 and AI.
OpenLedger is set to launch its testnet in the early stages of the fourth quarter of 2024, with plans to expand its team and operations in alignment with this initiative.
About OpenLedger
OpenLedger stands at the forefront of AI data innovation, offering infrastructure for decentralized, permissionless, verifiable, and interoperable data management. By delivering a secure and robust framework, OpenLedger propels AI towards censorship-free, verifiable, and risk-mitigated operation. The platform's verifiable diverse data infrastructure enables AI teams to construct enhanced models, leveraging Ethereum security through EigenLayer's Active Validated Service (AVS) to ensure data integrity and security.
Contact: Tim Director Email: tim@openledger.xyz
Disclaimer: This press release is sponsored content. Readers are advised to conduct their own research and seek financial advice before engaging in any investment activities.
