Thu, July 18

OpenLedger Secures $8 Million Seed Round Led by Polychain Capital and Borderless Capital

OpenLedger Secures $8 Million Seed Round Led by Polychain Capital and Borderless Capital Blockchain News

OpenLedger, the sovereign data blockchain for AI, has secured $8 million in a seed round headed by Polychain Capital and borderless Capital.

OpenLedger is the AI-specific sovereign data blockchain. OpenLedger gives developers the ability to use verified data to design smarter, more performant models by offering permissionless infrastructure for the data lifecycle.

Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, WAGMI Ventures, and numerous angel investors, including Sreeram Kannan (EigenLabs), Balaji Srinivasan, Sandeep Nailwal (Polygon), Kenny Li (Manta), Scott Moore (Gitcoin), Chainyoda, Vyas Krishnan (EigenLabs), Sebastien Borget (Sandbox), Trevor (Polymath), Aniket Jindal (Biconomy), Paul Taylor (Ex BlackRock), and many more, are among the other investors in the round.

Three pillars support OpenLedger’s approach to improving AI: computing, data, and algorithms. The quality of AI models is determined by the data that the models are trained on, making data the largest bottleneck in AI research at the moment. The need for strong processing and algorithms has now been met by the AI sector, however the critical data bottleneck still exists.

By providing a fully permissionless and verifiable data-centric architecture, OpenLedger’s platform closes this gap and accelerates the development of artificial intelligence. The group has already shown that it can operate in the decentralization field, having done so with well-known companies including Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs).

Data quality should be assessed based on attributes including security, being permissionless, diversity, verifiability, and integrity. Through its infrastructure, OpenLedger precisely addresses this need for high-quality data across all of these channels. It allows verified data to flow impartially from multiple sources without any data manipulation, and it is highly secure by utilizing EigenLayer’s economic security, which is impacted by its $20 billion TVL and the variety of its node sets. This guarantees that the security and decentralization principles, which form the foundation of OpenLedger, are uncompromised.

From $50 billion in 2023 to $184 billion in 2024, the AI industry has grown significantly, and estimates indicate that it will surpass $826 billion by 2030. Despite having a $14 billion market valuation, centralized data infrastructure businesses such as Scale AI may not be as useful in the long term due to data quality problems. By establishing an entirely permissionless data architecture, OpenLedger gets over this obstacle and opens up the possibility of serving a bigger market.

Leading the funding round were Polychain Capital and Borderless Capital, who believe OpenLedger is resolving a critical issue that will allow for exponential growth in general adoption and new use cases at the nexus of Web3 & AI.

Sreeram Kannan, Founder of EigenLabs stated:

“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. We are excited to collaborate with OpenLedger as they grow this category!”

In order to better support this initiative, OpenLedger intends to grow its personnel and operations and deploy its testnet at the start of the fourth quarter of 2024.

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