OpenLedger secures $8 million seed round led by Polychain

As a seasoned crypto investor with a keen interest in blockchain technology and AI integration, I find OpenLedger’s recent $8 million seed funding round an exciting development. The team’s focus on data sovereignty and control over personal data resonates deeply with me, considering the increasing importance of these issues as AI becomes more integrated into our daily lives.

OpenLedger, the sovereign data blockchain for AI, has raised $8 million in a seed round.

The funds will support OpenLedger in expanding its workforce and increasing its operational reach, aiming for this growth to be completed before the scheduled launch of its blockchain network’s testnet towards the beginning of the fourth quarter, 2024.

OpenLedger secures $8 million

OpenLedger unveiled its latest funding round amidst growing interest in artificial intelligence (AI) within the blockchain community. With data privacy and digital identity being major concerns, OpenLedger’s infrastructure provides a versatile platform where users can take charge of their own data through permissionless access.

Due to the financial support obtained, the team will be able to devote more time and resources towards resolving the challenges arising from the surge in AI technology, particularly concerning data management. As per the information disclosed in a press statement, data continues to pose significant hurdles as AI increasingly permeates various aspects of daily life.

In the press release, the OpenLedger team pointed out that while the AI industry has managed to tackle the requirements for potent computing and sophisticated algorithms, a significant challenge persists regarding the availability and management of ample data.

OpenLedger offers a solution by supplying the necessary infrastructure and reliable data for developers through its platform. By utilizing EigenLayer’s technology, OpenLedger ensures the validity, variety, authenticity, and security of data.

At X, OpenLedger was highlighted for addressing the issue of data limitations in artificial intelligence (AI) by creating a verifiable, permissionless, and censorship-free infrastructure for managing the data lifecycle.

OpenLedger investors

As a crypto investor, I’d express it this way: “I was part of an investment group that contributed to a seed round worth $8 million. Notable participants in this round were venture capital firms such as MH Ventures, Finality Capital, HashKey Capital, Mask Network, and WAGMI Ventures.”

As a financial analyst, I’ve observed that the recent funding round drew in prominent angel investors from the crypto industry. Among them were Sreeram Kannan from Eigen Labs, Balaji Srinivasan of Polygon, and Sandeep Nailwal. Additionally, Kenny Li from Manta took part in the investment.

An experienced team

The OpenLedger project is spearheaded by a team comprised of industry veterans and brilliant minds hailing from renowned global brands and blockchain communities. Their collective goal is to drive the progression of blockchain technology and artificial intelligence on a global scale. Notably, this ambitious endeavor has garnered significant attention from prominent investment firms and influential backers in both the Web2 and Web3 spheres.

Top minds from Sony, the renowned electronics company, and Walmart, the leading retailer, are part of the project team. In the blockchain sector, OpenLedger has drawn talented professionals from Polygon, Hedera, and Flow.

Part of the funding will go into hiring more team members, OpenLedger said.

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2024-07-02 19:34