Network3, a web3 artificial intelligence firm, has successfully raised $5.5 million in pre-seed and seed funding. This investment will help the company build a decentralized AI infrastructure, expanding its team and developing its technology stack.
Points
- Network3 raised $5.5 million in funding.
- The company focuses on decentralized AI infrastructure.
- Investment will be used for team growth and tech development.
- Network3 has 240,000 live nodes worldwide.
- Plans to release a physical mining machine soon.
Network3, an emerging player in the web3 AI space, has announced the successful completion of its pre-seed and seed funding round, securing a total of $5.5 million. The round saw participation from several notable investors, including Borderless Capital, EV3, IoTeX Eco fund, SNZ, Waterdrip Capital, and Bing Ventures. Unlike typical funding rounds, there was no lead investor, and the firm’s board of directors remains unchanged.
The company aims to revolutionize the artificial intelligence landscape by building a decentralized AI infrastructure that distributes tasks across numerous devices, thereby reducing latency while prioritizing privacy. Network3 plans to use the newly acquired funds to expand its team and continue developing its technology stack.
Network3’s founder, Rock Zhang, emphasized the importance of their decentralized approach. “We are building a decentralized Edge AI infrastructure, including the tech mentioned in our white paper,” Zhang told The Block. “We currently have 240,000 live nodes worldwide and will release a physical mining machine in the coming months.”
This funding round highlights the growing interest in web3 AI startups. For instance, Bitkraft Ventures and Framework Ventures recently co-led a $9 million seed round for crypto AI firm Mira, while Hack VC led a $6.2 million seed extension round for ChainML, and Dragonfly led an $11 million raise for MyShell.
Updated 11:46 a.m. ET （15:46 UTC） with increased fundraise amount and additional participants.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
解説
- Decentralized AI Infrastructure: Network3’s approach to decentralize AI infrastructure is a significant shift from traditional centralized models. By distributing AI tasks across numerous devices, they aim to reduce latency and enhance privacy.
- Investment Impact: The $5.5 million raised will enable Network3 to scale its operations, hire new talent, and further develop its technology. This funding is crucial for the company’s growth and its ability to compete in the rapidly evolving AI landscape.
- Market Dynamics: The interest from notable investors underscores the potential and importance of decentralized AI solutions. As more companies invest in this space, we can expect significant advancements in AI technology and its applications.
- Future Prospects: With 240,000 live nodes and plans to release a physical mining machine, Network3 is well-positioned to make substantial contributions to the AI field. Their innovative approach could set new standards for AI development and deployment.