The sovereign data blockchain for artificial intelligence, OpenLedger, has raised $8 million in a seed round.
The money will assist OpenLedger in expanding its operations and staff before the formal testnet launch of its blockchain network, which is scheduled for the first quarter of 2024.
With increasing AI integration in the blockchain industry, OpenLedger announced this investment round at a time when users’ primary concerns are digital identity and data sovereignty.
Users can use a permissionless platform provided by OpenLedger’s architecture to manage their data. The team should focus more on resolving the bottlenecks brought about by the AI boom now that they have the funds.
Data continues to be a major problem as AI gets increasingly integrated into daily applications, according to information released in a news release. The OpenLedger team said in the press release:
“Currently the AI industry has addressed the needs for powerful computing and algorithms, but the crucial bottleneck of data remains”
OpenLedger is giving developers access to the infrastructure and verified data they require to help address this. The platform uses EigenLayer’s technology to guarantee data security, diversity, integrity, and verifiability.
“OpenLedger addresses the bottleneck of data in AI by making the infrastructure for data lifecycle verifiable, permissionless, and censorship-free!” it noted on X.
Investors in OpenLedgers
MH Ventures, Finality Capital, HashKey Capital, Mask Network, and WAGMI Ventures were among the investors in the $8 million seed fundraising round.
Leading angel investors from cryptocurrency, such as Sreeram Kannan of Eigen Labs, Balaji Srinivasan and Sandeep Nailwal of Polygon, and Kenny Li of Manta, were also drawn to the round.
Experts from some of the world’s top brands and blockchain ecosystems are working together to build OpenLedger as a project. Top investment firms and backers from the Web2 and Web3 space are drawn to the group because of its rising popularity and desire to advance blockchain and AI globally.
Top brains from retail giant Walmart and electronics giant Sony are part of the project’s team, and OpenLedger has drawn talent from Polygon, Hedera, and Flow in the blockchain space. According to OpenLedger, some of the funds will be used to hire additional team members.