Pi Network Ventures joins OpenMind’s $20M round, backing AI-driven humanoid robots with OM1 OS and FABRIC protocol.
Pi Network Ventures has contributed to OpenMind’s $20 million fundraising round to develop its humanoid robotics. After establishing its venture capital fund, the network has taken its initial significant stride.
OpenMind’s $20M funding round includes Pi Network Ventures
Pi Network Ventures has joined a $20 million funding round for OpenMind, a rapidly growing AI robotics startup developing decentralized systems for intelligent devices. Pantera Capital, Coinbase Ventures, Ribbit Capital, and Sequoia China were among the other firms that participated in the round.
This action by Pi Network implies that the platform is transitioning to a position as a strategic capital player. It also illustrates a strategic advancement in automation and machine cooperation, which AI propels.
Pi Network has established a $100 million venture capital fund to support real-world utility, as CoinGape previously reported. Pi Network is demonstrating its aspiration to become a significant player in AI by providing funding to businesses such as OpenMind.
OM1, a universal operating system for robots, is being developed by OpenMind, a Silicon Valley-based corporation Stanford professor Jan Liphardt established. OM1 aims to develop software compatible with a variety of robot brands, settings, and purposes, in a manner similar to how Android functions with smartphones.
Additionally, the organization is initiating its FABRIC protocol. This protocol facilitates the collaboration of intelligent devices in real time, secures identity, and fosters trust. OM1 and FABRIC offer indispensable technology for sectors such as logistics, smart manufacturing, elder care, and self-driving vehicles.
The Implications for the Pi Ecosystem
The investment serves a variety of purposes for Pi Network and its Pioneers. The investment enhances the Pi token’s significance. Pi’s utility as a transactional layer increases, particularly in emergent AI and intelligent service environments, as it is integrated into more partnerships and innovative ecosystems.
This action also facilitates the establishment of more extensive global partnerships. Pi Network establishes a new standard for VC-supported partnerships with deep-tech firms worldwide by supporting OpenMind.
Nevertheless, some members of the Pi community expressed skepticism, even though the announcement was widely celebrated. They emphasized that funds should be allocated to the central network’s development or the Pi ecosystem’s integration. A pioneer expressed their apprehensions, describing this action as “alarming.”
Experts contend that this investment may be Pi Network’s approach to integrating blockchain and robotics. This could establish the groundwork for a system in which intelligent devices and decentralized technologies operate in tandem.
In other news, the Pi Core Team implemented a significant security enhancement in response to allegations of wallet breaches. The wallet now includes a Passkey option. This feature is intended to improve the security of your account by requiring only one touch to authenticate. Users can now more easily protect their accounts with this update. This continues Pi Network’s numerous updates, particularly the Binance feature that sparked speculation about a potential listing.
