OpenLedger, the sovereign data blockchain for artificial intelligence (AI), has successfully secured $8 million in its seed funding round led by prominent investors Polychain Capital and Borderless Capital, as per the latest information shared with Finbold on July 2.
The funding round saw participation from 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.
The importance of data quality in AI development
OpenLedger is driving AI development by offering a permissionless infrastructure for the entire data lifecycle, empowering developers to create more efficient AI models.
While the industry has made strides in computing power and algorithm development, data quality remains a significant bottleneck.
To address this challenge, OpenLedge relies on its permissionless and verifiable>The OpenLedger team boasts a strong track record in the decentralization space, having collaborated with major brands like Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs).
Leveraging EigenLayer’s economic security and diverse node sets, the platform ensures data quality through verifiability, diversity, permissionless access, integrity, and security.
The growth of the AI market
The AI market has witnessed significant growth, expanding from $50 billion in 2023 to $184 billion in 2024, with projections suggesting it will exceed $826 billion by 2030.
While centralized data infrastructure companies like Scale AI are valued at $14 billion, their reliance on potentially flawed data poses long-term challenges.
OpenLedger’s permissionless data infrastructure circumvents these issues, opening up a larger market potential.
Leading the investment round, Polychain Capital and Borderless Capital likewise recognize the problem, believing 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, also remarked on 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 AQ4 2024 and will use the funds to expand its team and operations.