This Week’s Top Deals, Major Investments in AI, IT, Web3, and Crypto (20-24.05)
In Brief
Venture capital investors have made significant investments in AI music production, blockchain interoperability, and decentralized social networking, with Suno receiving $125 million, Stripchain $10 million, and Farcaster $150 million, respectively.
Significant investment deals have been made this week in AI music production, blockchain interoperability, and decentralized social networking. Suno, an AI music production platform, received $125 million from venture capital investors. Stripchain secured $10 million for blockchain interoperability. Farcaster, a ledger-based social network, raised $150 million in a Series A round.
The Goal Of Venture Capital Investors’ $125 Million Investment In Suno, An Ai Music Production Platform, Is To Enable Beat-making For Anyone
Users may provide word prompts based on their intended song description and can pick whether it includes vocals or instrumentals with Suno, an AI-powered music creation tool. The lyrics, titles, and album art are likewise generated by the platform. Users can also add to the original audio and change the lyrics with their own words.
Suno is not the first platform to let people compose music using artificial intelligence (AI) through text prompts; Google and Meta are also working on AI models. With its free edition, Suno can record tracks for up to two minutes, which gives the tracks a more melodic quality. The music business is divided over AI-generated music, with labels like Sony and Universal Music opposing development in an effort to preserve the copyrighted works of its artists.
An Interoperability Standard Called Stripchain Has Secured $10 Million To Make Using Blockchain Technology Simpler
By enabling consumers to conduct on-chain transactions without worrying about which network is being utilized, the business hopes to enhance the Web3 experience. Investors from Sora Ventures, Hyperithm, Shima Capital, Mechanism, and a number of cryptocurrency angel backers participated in Stripchain’s investment round.
The company enables programmers to write orders, known as intents, that carry out tasks like data transfers between blockchains. Stripchain’s emphasis on the transaction layer and usage of proof of authority structure set it apart from existing interoperability protocols. It is anticipated that the testnet will go live in the next months.
A Series A Fundraising Round Headed By Venture Company Approach Has Garnered $150 Million For The Ledger-based Social Platform Farcaster
The round got a 17% growth in the community token Degen (DEGEN), with engagement from Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto. Dan Romero, the person who invented Farcaster, said that the funding would keep them working on the project for a long time.
The Farcaster manufacturer, Merkle Manufactory, would see its value rise to $1 billion as a result of the investment round. The principal objectives of the platform are to augment the quantity of daily active users and include “developer primitives” into the protocol. The community produced the token DEGEN, which is now valued at $0.023.
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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.
