0G Labs Secures $35M Pre-Seed Funding for Blockchain and AI Ventures
Summary:
0G Labs, a Web3 modular infrastructure firm, has successfully raised $35 million in a pre-seed funding round, supported by over 40 crypto institutions, including Hack VC and Stanford Builders' Fund. The funds will enable 0G Labs to develop blockchain-based solutions for artificial intelligence model training, deployment, and operation. The 0G Labs platform's speed over contemporary models like Ethereum's smart contract network is a key advantage. It's also developing a product, "Uni-Chain," to facilitate seamless transactions across networks using a single wallet.
Web3-based modular infrastructure entity, 0G Labs, proclaimed on March 25 the effective attainment of a $35 million pre-seed capital contribution round. As revealed by the 0G Labs press statement, over 40 crypto-centric bodies, encompassing Hack VC and Stanford Builders' Fund, were part of the round. This funding will aid in realizing 0G Labs’ goal of devising a comprehensive blockchain-supported mechanism for training, operationalizing, and implementing artificial intelligence models. As highlighted in the press release, the speed of its platform holds a significant edge over modern solutions, for instance, Ethereum’s smart contract network. Praising the innovation of 0G Labs in on-chain generative AI architecture, Hack VC’s Managing Partner Ed Roman stated, "0G is the leading modular solution ensuring data accessibility for Web3, which includes the upcoming wave of AI networks powered by crypto. Their data accessibility technology has demonstrated its capability to perform 1000x+ faster and more affordable than ETH L1, which is spectacular. We are thrilled to partner with them on this journey and are excited to observe their ecosystem flourish as they progress towards the main net."
Generally, pre-funding is the initial capital that a startup raises. This generous pre-seed purse of $35 million makes one of the most significant starting capital funds for an enterprise working at the convergence of Web3 and AI. To provide some context, OpenAI, the organization behind ChatGPT and Dall-E amassed $120,000 during its pre-seed fundraising on Aug. 22, 2016. Since then, OpenAI, powered by its generative AI technology, has escalated to a staggering evaluation of approximately $80 billion as per the Feb. 2024 data.
0G Labs' site reveals that among the several products under development, there is one christened "Uni-Chain." The site describes it as a Web3 architecture that brings together networks into a unified metaverse, facilitating transactions between users and services on any chain through a single wallet access. The site further mentions, "Our modular technology will ensure hassle-free interoperability across chains, whilst bolstering security, putting an end to splintering, and optimizing connectivity for a light and liberated meta-uni-verse.
Published At
3/26/2024 4:00:00 PM
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