Polychain leads 8m seed round securing OpenLedgers funding
OpenLedger, the blockchain platform focused on data sovereignty for AI applications, has successfully completed a seed funding round, securing $8 million. This financial injection will support OpenLedger in expanding its workforce and scaling operations in preparation for the official testnet launch of its blockchain network anticipated in Q4 2024.
The funding round announcement comes amidst a growing trend of integrating AI within blockchain technology, highlighting significant concerns around data sovereignty and digital identity among users. OpenLedger’s infrastructure offers a permissionless platform, empowering users with control over their personal data.
With this new capital, OpenLedger aims to tackle the persistent challenges accompanying the rapid expansion of AI. According to a press release, while the AI industry has made strides in computing power and algorithms, data management remains a critical bottleneck.
“Currently, the AI industry has effectively addressed the needs for powerful computing and advanced algorithms, but the crucial bottleneck of data remains,” stated the OpenLedger team.
In response to this challenge, OpenLedger is positioned to provide essential infrastructure and verifiable data necessary for developers. Leveraging EigenLayer’s technology ensures data integrity, security, and diversity, crucial for the evolving AI landscape.
“OpenLedger addresses the data bottleneck in AI by establishing verifiable, permissionless, and censorship-resistant infrastructure for the data lifecycle!” noted a spokesperson.
The $8 million seed funding round attracted investments from prominent venture capital firms including MH Ventures, Finality Capital, HashKey Capital, Mask Network, and WAGMI Ventures. Additionally, leading figures from the crypto space, such as Sreeram Kannan from Eigen Labs, Balaji Srinivasan from Polygon, Sandeep Nailwal, and Kenny Li from Manta, participated as angel investors.
OpenLedger, built by a team of experts from renowned brands and blockchain ecosystems, aims to advance the intersection of blockchain and AI globally. The project’s team includes professionals with backgrounds from industry giants like Sony and Walmart, as well as from blockchain leaders such as Polygon, Hedera, and Flow.
Part of the newly raised funds will be allocated towards expanding the team, reinforcing OpenLedger’s commitment to driving innovation in blockchain and AI technologies.
