OpenLedger secures 8 million from Polychain Capital and Borderless Capital
OpenLedger, the blockchain platform designed for artificial intelligence (AI), has successfully raised $8 million in its initial funding round. The round was led by prominent investors Polychain Capital and Borderless Capital, according to information shared with Finbold on July 2.
A diverse group of investors participated in the funding round, including Finality Capital, Hash3, HashKey Capital, and others. Angel investors such as Sreeram Kannan from EigenLabs, Balaji Srinivasan, Sandeep Nailwal from Polygon, and others also contributed.
OpenLedger aims to drive AI development by providing a permissionless infrastructure for the entire data lifecycle, enabling developers to create more efficient AI models.
While the computing power and algorithm development in the industry have advanced, data quality remains a significant challenge. OpenLedger addresses this challenge by relying on its permissionless and verifiable data-centric infrastructure.
The OpenLedger team has a strong background in the decentralization space, having collaborated with major brands like Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs). The platform ensures data quality through verifiability, diversity, permissionless access, integrity, and security, leveraging EigenLayer’s economic security and diverse node sets.
The AI market has experienced substantial growth, with projections suggesting it will exceed $826 billion by 2030. However, centralized data infrastructure companies like Scale AI face long-term challenges due to their reliance on potentially flawed data. OpenLedger’s permissionless data infrastructure overcomes these challenges, expanding the market potential.
Polychain Capital and Borderless Capital, the lead investors in the funding round, recognize the problem and believe that OpenLedger’s solution will drive exponential growth in AI adoption and new use cases at the intersection of Web3 and AI.
Sreeram Kannan, Founder of EigenLabs, emphasized the importance of verifiable databases, stating that it empowers a new category of developers who can work with verified data. Kannan expressed excitement about collaborating with OpenLedger as they grow this category.
OpenLedger plans to launch its testnet in the fourth quarter of 2024 and will utilize the funds to expand its team and operations.
