OpenLedger Raises $8M In Funding To Advance Its Data Management Infrastructure
In Brief
OpenLedger raised $8 million from Polychain Capital and Borderless Capital with participation from HashKey Capital, among other contributors.
Sovereign data blockchain for AI, OpenLedger, announced that it has raised $8 million in a seed funding round led by Polychain Capital and Borderless Capital, with additional participation from Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, and WAGMI Ventures. The round also received support from prominent angel investors including Sreeram Kannan, Vyas Krishnan, and Alan Curtis from EigenLabs, Balaji Srinivasan, Sandeep Nailwal from Polygon, Kenny Li from Manta, Scott Moore from Gitcoin, Chainyoda, Sebastien Borget from Sandbox, Trevor from Polymath, Aniket Jindal from Biconomy, and Paul Taylor among others.
The company intends to use the funds to support the launch of its testnet scheduled for the beginning of the fourth quarter of 2024, as well as to facilitate the growth of its team and operational capabilities.
OpenLedger provides infrastructure for data management. Its platform empowers AI systems to operate free from censorship, ensuring full verifiability and risk mitigation by providing secure infrastructure. Additionally, it utilizes Ethereum security via EigenLayer‘s Active Validated Service (AVS), enhancing data integrity and overall security.
OpenLedger Drives AI Advancement With Its Permissionless Data-Centric Infrastructure
Its strategy for advancing AI is built on three core pillars: data, computing, and algorithms. OpenLedger’s platform provides a fully permissionless and verifiable data-centric infrastructure, promoting AI growth and development. The team has a proven track record in the decentralization space, having collaborated with well-known brands such as Sony, Walmart, Polygon, Hedera, and Flow (Dapper Labs).
So, OpenLedger addresses the critical requirements of data verifiability, diversity, integrity, and security for data quality across all these avenues. It facilitates the flow of verified data in an unbiased manner from multiple sources, ensuring protection against tampering and leveraging EigenLayer’s economic security with a TVL of $20 billion and diverse node sets. This approach guarantees strong security and upholds the decentralization principles.
The AI market has seen substantial growth, rising from $50 billion in 2023 to $184 billion in 2024, and is projected to exceed $826 billion by 2030. Companies like Scale AI, valued at $14 billion, dominate the centralized data infrastructure sector. They face challenges regarding data quality over the long term. OpenLedger is set to overcome this obstacle by establishing a fully permissionless data infrastructure, expanding the potential market reach.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
