ORA Raises $20M in Funding to Tokenize AI Models and Enable Decentralized AI Oracles
New York, USA, June 26th, 2024, Chainwire
ORA, a verifiable oracle protocol that enables AI on blockchains, has recently announced $20M in funding from top investors such as Polychain, HF0, Hashkey Capital, and more. This funding will allow ORA to continue developing its technology and infrastructure for tokenizing AI models and bringing decentralized AI to the Ethereum ecosystem, including L2s Arbitrum and Optimism and Base, Linea, and other EVM-compatible chains.
Cryptocurrency and AI have always been destined to converge. Until recently, however, there was no practical way to integrate one with the other despite many developers wanting to do so.
ORA offers a solution to overcome smart contract limitations. The tech enables the team the capability to deliver accountable and sustainable products that allow smart contracts to interact with AI natively.
Their Optimistic Machine Learning (opML) technology is the foundational mechanism behind their revolutionary product, opp/ai. Through optimistic systems and zero-knowledge technology, it will provide secure and efficient on-chain machine learning with privacy-preserving features.
ORA and the Road Ahead
With this funding, ORA plans to build a deep ecosystem of users and developers who believe in open, accessible AI.
ORA is also focused on advancing its research and development of oracles and blockchain infrastructure, empowering partners in technology integration, helping AI model creators launch more dApps with the Initial Model Offering (IMO) program, and fostering their community ahead of their token generation event.
“ORA is changing the way we think about bringing AI on-chain. By offering economically verifiable machine learning inference through our opML and oracle technology, we unlock the design space for AI dApps. We expect more and more performant dApps that people want to use in 2024. Crypto-economic incentives will also help AI become accessible and equitable,” said Kartin Wong, co-founder of ORA.
The Magic of the IMO
ORA introduced the IMO concept, which allows creators to tokenize and monetize their AI models, creating new creator economies and ensuring fairness for the originators of widely used ideas and creations. This is a crucial step towards making open-source AI sustainable and thriving.
In addition, ORA has recently launched its staking program, in which community members can participate by staking Ethereum or the first ever IMO token, $OLM. This further strengthens the community around ORA and incentivizes participation in their ecosystem.
As ORA continues to expand and innovate, it is poised to revolutionize this space. ORA’s technology enables more efficient and verifiable AI on blockchains and offers a fairer and more accessible system for creators of AI models.
With this latest round of funding, ORA is well-positioned to lead the way in bringing decentralized AI to the forefront of the industry.
Overall, ORA’s advancements in verifiable oracles and blockchain infrastructure have the potential to unlock a wide range of applications and use cases at the intersection of AI and crypto, paving the way for a more integrated future between these two rapidly evolving fields.
About ORA
ORA is a leading provider of verifiable oracle technology that enables AI on blockchains.
Trusted by top industry players such as Compound, Ethereum Foundation, Uniswap, and Optimism, ORA is at the forefront of bringing decentralized AI to the masses.
Press Contact
For media inquiries or more information about ORA and its recent funding round, users can contact Jamie Kingsley at jamie@theprgenius.com.The team loves sharing its progress and looks forward to connecting with its community!