Coinspeaker
OpenLedger Secures $8M in Seed Fund for Sovereign AI Data Infrastructure
OpenLedger, a blockchain platform that provides verifiable data-centric infrastructure for Artificial Intelligence (AI) developers, recently raised $8 million in a fund round. The platform aims to speed up the growth and development of the AI ecosystem.
Key Focus of OpenLedger
As revealed in a press release shared with Coinspeaker, the new funding round was led by Polychain Capital and Borderless, two prominent investment firms focused on Web3 technology. Other notable backers include Hash3, HashKey Capital, Finality Capital, Mask Network, Sandeep Nailwal (Polygon), Vyas Krishnan (EigenLabs), Sebastien Borget (The Sandbox), and many more.
OpenLedger envisions a future where AI developers can utilize its verified and diverse data infrastructure to build better and improved AI models. The three key pillars of AI are computing power, data, and algorithms, based on OpenLedger’s approach to AI development. In AI processes, data is required for high-quality training, computing power for intensive calculations, and algorithms for real-time predictions.
While the need for powerful computing and algorithms has been addressed, data remains the major roadblock to AI development. Note that the quality of AI models is derived from the data the models are trained on. Therefore, the finest AI models are made possible only with the best data and the best data, which is sovereign data. With this in mind, OpenLedger’s key focus is to find solutions to cover lapses in data sourcing by AI development teams.
To do this OpenLedger deploys several methods like providing high-quality annotations to ensure effective training and accuracy. In addition, the platform enhances AI models with reinforcement learning and user feedback for better results.
Another method deployed by OpenLedger is optimizing and managing datasets to improve the performance and reliability of AI models. The team has experience working in the Web3 space, with brands like Sony Group Corp (TYO: 6758), Walmart Inc (NYSE: WMT), Polygon, Hedera, and Flow (Dapper Labs).
OpenLedger meticulously addresses each aspect of AI creation, ensuring data flows freely while safeguarding it from tampering or manipulation. This robust security framework leverages EigenLayer’s economic security, strengthened by its $20 billion Total Value Locked (TVL), and a diverse network of nodes. OpenLedger’s expanding operations include a testnet launch, scheduled for Q4, 2024.
AI Set for Exponential Growth, But Issues Exist
Overall, OpenLedger is bringing solutions to crucial issues that will boost growth in AI adoption and increase use cases. The AI market is currently on a roll, with projections indicating a surge from $50 billion in 2023 to $826 billion by 2030.
For instance, GO Plc, a top telecommunications company in Malta has announced plans to increase its use of AI tools for daily operations. According to earlier reports, approximately 30% of the company’s codes are now written using AI, reducing the need for developers.
Despite AI’s increasing momentum, the current reliance on centralized data providers raises concerns about data quality and control. OpenLedger’s decentralized approach bypasses these limitations, opening the door for a more secure and equitable AI ecosystem.
OpenLedger Secures $8M in Seed Fund for Sovereign AI Data Infrastructure