Tech Giants and Blockchain Startups Lead the Charge: This Week’s Investment Deals Transform the Future of AI and Web3
In Brief
The IT industry experienced significant collaborations and investments in blockchain, artificial intelligence, and advanced computing technologies, transforming sectors and pushing the boundaries of current possibilities.
A week that sent shockwaves through the IT industry saw the emergence of many ground-breaking collaborations and investments that indicate a renewed emphasis on blockchain technology, artificial intelligence, and advanced computing technologies. This week’s agreements highlight a wide range of breakthroughs that have the potential to transform sectors and push the envelope of what is currently thought to be feasible, from the venerable halls of Yale University to the bustling blockchain companies of Silicon Valley.
Yale’s AI Investment Initiative, Worth $150 million
Yale University has said that it will be investing a large sum of money to enhance its artificial intelligence capabilities. The university plans to spend over $150 million in the next five years to support AI research on campus.
The money will go toward four main areas: building up the infrastructure of Yale’s graphics processing unit, improving access to AI tools, strengthening support for AI-related research and teaching, and encouraging multidisciplinary cooperation in AI initiatives. The Yale Task Force on Artificial Intelligence, which is made up of academics who are already using AI in their departments, provided recommendations that led to this funding.
Yale’s officials see this financial investment as critical to the university’s ability to compete in the quickly developing field of artificial intelligence. In order to take use of Yale’s advantages as a liberal arts university and investigate latest AI applications, the program attempts to integrate AI capabilities across a range of academic disciplines, including non-scientific subjects.
Lemniscap’s $70 Million Web3 Startup Fund
Lemniscap, a venture capital firm, has raised $70 million for a new fund that would assist Web3 firms in their early stages. The fund will focus on investments in companies using blockchain technology in a number of important sectors.
Lemniscap intends to provide funding to entrepreneurs developing consumer apps, security solutions, decentralized physical infrastructure (DePIN) initiatives, zero-knowledge infrastructure, and new Bitcoin ecosystems. Accolade Partners, a fund of funds that also makes investments in early-stage blockchain businesses, has backed the fund.
Over 130 investments have been made by Lemniscap in the Web3 market since the company’s founding in 2017. Beyond merely lending money, the firm’s investment strategy places a strong emphasis on portfolio firms’ long-term performance and strategic direction. The launch of this new fund coincides with the Web3 startup ecosystem’s apparent resurgence in 2024 following difficulties the year before.
$20 million in Series A funding is raised by SxT Labs.
The blockchain database company Space and Time (SxT) Labs has secured a $20 million Series A fundraising round. Framework Ventures led the investment, while a number of well-known corporate investors and venture capital companies also participated.
SxT Labs is creating a verified computing layer that integrates blockchain technology with artificial intelligence. The proof-of-SQL, a zero-knowledge circuit created to enable smart contract authors and enterprises to confirm data integrity, is the company’s primary invention.
The money will be put on quickening the development of new products and engineering. During its beta testing, SxT Labs’ system has purportedly handled over 5.3 billion database queries and produced $4.5 million in recurring yearly income. Enhancing data verification capabilities for both on-chain and off-chain processes is the goal of the company’s solution.
Gameplay Galaxy’s $24 Million Web3 Gaming Seed Round
With this new financing, Web3 gaming firm Gameplay Galaxy has raised a total of $24 million for its seed round. Merit Circle and Blockchain Capital participated in the expanded round.
The money will go toward helping Trial Xtreme, Gameplay Galaxy’s main game, continue to grow. The popular mobile game franchise’s tournaments will have blockchain-based ownership tracking for in-game items, according to the studio’s plans. Through gaming, players will be able to create, improve, and own their own virtual bikes.
This investment coincides with a rise of venture capital interest in Web3 gaming. In the second quarter of 2024, the industry brought in $1.1 billion in investments, which represents a notable increase from 2022. In order to realize its goal of using Web3 technology to further the evolution of the free-to-play gaming model, Gameplay Galaxy hopes to take advantage of this increased enthusiasm.
SOON Closes Funding Round for Solana-Based Layer 2 Solution
The development of Solana Optimistic Network’s (SOON) layer-2 scaling solution has been effectively aided by the successful closing of a fundraising round. The “co-builder” round was unique in that it exclusively accepted contributions from private citizens as opposed to venture capital companies.
Executives from well-known blockchain companies are taking part in the investment round. The precise sum obtained was not made public, but the money would go toward developing SOON Stack and SOON Mainnet, the company’s two main products.
The goal of SOON is to develop a high-performance, effective rollup that can be executed on the Solana Virtual Machine and facilitates settlement on many layer-1 blockchains. The goal of the project is to integrate the liquidity and user base of other blockchain ecosystems with Solana’s performance capabilities, with the ultimate goal of standardizing the Solana Virtual Machine across several layer-1 networks.
Eros Investments’ $1 Billion AI Park and Studio in Malaysia
Eros Investments, an Indian company, and Immerso AI-IP, a subsidiary, have revealed intentions to invest $1 billion in the creation of an artificial intelligence park and film studio in Malaysia. The goal of this massive endeavor is to greatly expand the AI and entertainment industries in the nation.
Within the park complex, a data center and an AI university would be established as part of the proposed investment. Over the next five years, up to 5,000 new employment might be created by this project, according to Malaysian officials, which would have a significant economic impact on the area.
Eros Investments aims to establish Malaysia as a center for modern content development and technical growth in Southeast Asia by fusing AI technology with film production skills. A significant foreign direct investment is being made in Malaysia’s expanding digital economy through this initiative.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
