Singapore, Singapore, July 2nd, 2024,
Chainwire
OpenLedger, the sovereign data blockchain for
AI, has successfully raised $8 million in its seed round led by
Polychain Capital and Borderless Capital.
OpenLedger is the sovereign data blockchain for AI. By providing
permissionless infrastructure for the data lifecycle, OpenLedger
empowers builders to create smarter and more performant models with
verifiable data.
Other investors participating in the 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), Dino (Fluent Labs) and many more.
OpenLedger’s approach to enhancing AI is based on three pillars:
data, computing, and algorithms. Data is currently the biggest
bottleneck in AI development, with the quality of AI models derived
from the data the models are trained on. Currently the AI industry
has addressed the needs for powerful computing and algorithms, but
the crucial bottleneck of data remains.
OpenLedger’s platform addresses this gap with a completely
permissionless and verifiable data-centric infrastructure,
catalysing the growth and development of AI. The team already has a
proven track-record of having worked in the decentralization space
with renowned brands like Sony, Walmart, Polygon, Hedera, &
Flow (Dapper Labs).
The quality of data should be determined by factors such as
verifiability, diversity, being permissionless, integrity, and
security. OpenLedger, through its infrastructure, precisely
addresses this need for data quality across all these avenues,
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.
The AI market has experienced substantial growth, expanding from
$50 billion in 2023 to $184 billion in 2024, with projections
suggesting it will soar past $826 billion by 2030. While
centralized data infrastructure companies like Scale AI are valued
at $14 billion, their utility in the long run is likely to be
deterred by issues in quality of data. OpenLedger circumvents this
barrier by creating a completely permissionless data
infrastructure, creating a scope for a larger market to be
addressed.
Polychain Capital and Borderless Capital led the investment
round and 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.
“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,” said
Sreeram Kannan, Founder of EigenLabs. “We are excited to
collaborate with OpenLedger as they grow this
category!
OpenLedger plans to launch its testnet at the beginning of the
fourth quarter of 2024 and will expand its team and operations
focusing on this endeavor.
About Section
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. AI teams can now utilize the
verifiable diverse data infrastructure of OpenLedger, enabling them
to build better and improved models. OpenLedger leverages Ethereum
security through EigenLayer's Active Validated Service (AVS),
ensuring data integrity and security.
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Contact
Tim
Director
tim@openledger.xyz