OpenLedger secures 8 million in funding from Polychain Capital and Borderless Capital
OpenLedger, a blockchain platform specifically designed for artificial intelligence (AI), has successfully raised $8 million in its initial funding round led by prominent investors Polychain Capital and Borderless Capital. This information was shared with Finbold on July 2nd.
The funding round attracted a diverse group of investors, including Finality Capital, Hash3, HashKey Capital, and others, as well as angel investors such as Sreeram Kannan from EigenLabs, Balaji Srinivasan, Sandeep Nailwal from Polygon, and others.
OpenLedger aims to drive AI development by providing a permissionless infrastructure for the entire data lifecycle, empowering developers to create more efficient AI models.
While the industry has made significant progress in terms of computing power and algorithm development, data quality remains a major obstacle. To tackle this challenge, OpenLedger relies on its permissionless and verifiable data-centric infrastructure.
The OpenLedger team has a strong track record in the field of decentralization, having collaborated with major brands such as Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs). By leveraging EigenLayer’s economic security and diverse node sets, the platform ensures data quality through verifiability, diversity, permissionless access, integrity, and security.
The AI market has experienced substantial growth, with its value expected to increase from $50 billion in 2023 to $184 billion in 2024. Projections suggest that the market will surpass $826 billion by 2030. However, centralized data infrastructure companies like Scale AI, valued at $14 billion, face long-term challenges due to their reliance on potentially flawed data. OpenLedger’s permissionless data infrastructure overcomes these issues, opening up a larger market potential.
Leading the investment round, Polychain Capital and Borderless Capital recognize the problem and believe that OpenLedger’s solution will drive exponential growth in AI adoption and create new use cases at the intersection of Web3 and AI.
Sreeram Kannan, the Founder of EigenLabs, also emphasized the importance of verifiable databases, stating, “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!”
OpenLedger plans to launch its testnet in the fourth quarter of 2024 and will utilize the funds to expand its team and operations.