Funding Wrap: Decentralized AI is all the craze

Institutional wallets and better user interfaces for big corporations remain a priority for some startups

article-image

PickPik modified by Blockworks

share

Artificial intelligence decentralized GPU network io.net posted on X that it had secured $30 million from investors, including Hack VC, Multicoin, 6th Man Ventures and OKX Ventures.

IO Research, the team behind io.net, noted that the network is designed to enable users to redistribute unused GPUs to power resource-intensive AI companies. 

This latest funding round shows that there has been a growing interest in AI-driven innovation, especially in the realm of cryptocurrency and blockchain technology. 

Read more: What can blockchain do for AI? Not what you’ve heard.

Other AI-related blockchain companies that have received interest from investors as of late include Ritual, which raised $25 million in seed funding to offer Web3 companies on-chain proof of interactions using AI models, and Sahara, a decentralized AI network that raised $6 million in a recent seed round.

According to Sahara, Polychain Capital led its funding round, which included participation from prominent venture capital firms, including Sequoia, Matrix Partners and DAO Five.

Read more: Decentralized AI platform Ritual lands $25M in seed funding

Utila raises $11.5M for enterprise crypto wallet

Enterprise crypto wallet Utila has secured $11.5 million in a seed round led by NFX, Wing VC, Framework Ventures and a handful of angel investors.

Utila’s goal is to make enterprise crypto wallets more user-friendly and accessible for customers. 

“We are setting a new standard for institutional cryptocurrency wallets, delivering a sophisticated yet user-friendly platform that ensures the highest level of security and efficiency for managing digital assets,” Bentzi Rabi, co-founder and CEO of Utila, wrote in a blog post. 

Other notable fundraises

  • Payments app Baanx raised $20 million in a Series A co-led by Tezos, Chiron and British Business Bank.
  • Zama secured $73 million in a Series A funding led by Protocol Labs and Multicoin Capital to bring FHE technology to life.

Updated March 11, 2024 at 1 pm ET: Removed one listing from “notable fundraises” section.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

The US spot bitcoin fund category has notched negative net flows over the course of a week just three times since coming to market in January

article-image

Elsewhere, rank-and-file employees move around and Binance’s head of legal in Europe departs

article-image

Plus, a Dragonfly partner shares his view on the crypto VC market, and a mining hardware firm raises $80 million

article-image

Plus, a Bored Ape burger restaurant closes, and Crypto: The Game presses on

article-image

Bitcoin scarcity is a meme, with or without the halvings

article-image

The current state of blockchain interoperability poses an existential threat to the mainstream adoption of blockchain technology as a whole