OpenLedger Raises $8M Seed Round Led by Polychain Capital and Borderless Capital
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.
