Blockchain AI Data Infrastructure company OpenLedger has received $8 Million in funding to invest in AI data infrastructure.
In a recent funding round, OpenLedger, a blockchain platform that offers verifiable data-centric infrastructure for Artificial Intelligence (AI) developers, secured $8 million. The platform’s objective is to expedite the growth and development of the AI ecosystem.
OpenLedger’s Primary Objective
Polychain Capital and Borderless, two prominent investment firms specializing in Web3 technology, were the driving forces behind the new funding round, as disclosed in a press release shared with Coinspeaker. Other notable supporters include Mask Network, Sandeep Nailwal (Polygon), Vyas Krishnan (EigenLabs), Sebastien Borget (The Sandbox), Finality Capital, Hash3, and HashKey Capital.
OpenLedger envisions a future in which AI developers can leverage its verified and diverse data infrastructure to construct AI models that are both more effective and more efficient. According to OpenLedger’s methodology for AI development, the three fundamental components of AI are algorithms, data, and computing capacity. In AI processes, data is necessary for high-quality training, computing capacity is required for intensive calculations, and algorithms are used to make real-time predictions.
Although the necessity for robust computation and algorithms has been addressed, data continues to be the primary impediment to the advancement of AI. It is important to note that the efficacy of AI models is determined by the data on which they are trained. Consequently, the most advanced AI models are only feasible when the data is of the highest quality, specifically sovereign data. OpenLedger’s primary objective is to identify practical solutions to address the data-sourcing deficiencies of AI development teams.
OpenLedger implements numerous strategies to accomplish this, including providing high-quality annotations to guarantee accurate outcomes and practical training. Furthermore, the platform optimizes AI models by incorporating user feedback and reinforcement learning to achieve superior outcomes.
An additional approach implemented by OpenLedger is the optimization and management of datasets to enhance the reliability and performance of AI models. The team has experience working in the Web3 space with brands such as Walmart Inc (NYSE: WMT), Sony Group Corp (TYO: 6758), Polygon, Hedera, and Flow (Dapper Labs).
OpenLedger meticulously addresses each aspect of AI creation, ensuring that data circulates freely and is protected from tampering or manipulation. This comprehensive security framework is based on EigenLayer’s economic security, fortified by its $20 billion Total Value Locked (TVL) and a diverse network of nodes. A testnet launch is scheduled for Q4 2024 as part of OpenLedger’s expanding operations.
AI is poised for exponential growth; however, challenges persist
In general, OpenLedger addresses critical issues that will facilitate the expansion of AI adoption and its applications. Projections suggest that the AI market is presently experiencing a boom, projected to increase from $50 billion in 2023 to $826 billion by 2030.
For instance, GO Plc, a prominent telecommunications company in Malta, has disclosed its intention to increase its use of AI tools in daily operations. As per previous reports, the company’s code is currently composed of approximately 30% AI, which has decreased developers’ necessity.
The current reliance on centralized data providers raises concerns about data integrity and control despite the increasing momentum of AI. OpenLedger’s decentralized approach circumvents these constraints, thereby facilitating the development of a more equitable and secure AI ecosystem.