OpenLedger Secures $8M to Enhance AI and Blockchain Ecosystem

In order to increase staff and operational capacity, OpenLedger has raised $8 million in a fundraising round. Preliminary plans call for the testnet deployment of the blockchain network at the start of the 2024 fourth quarter.

The investment round was revealed by OpenLedger as artificial intelligence becomes more integrated into the blockchain industry. The two most important challenges for users are digital identification and data sovereignty. Users may maintain control over their personal data by utilizing the permissionless platform provided by OpenLedger’s infrastructure.

The funds will help the team address AI’s data bottlenecks. “Currently, the AI industry has addressed the needs for powerful computing and algorithms, but the crucial bottleneck of data remains,” the OpenLedger team said in a press release.

To address this, OpenLedger is providing the infrastructure and verifiable data developers need. The platform uses EigenLayer’s technology to ensure data verifiability, diversity, integrity, and security. “OpenLedger addresses the bottleneck of data in AI by making the infrastructure for data lifecycle verifiable, permissionless, and censorship-free!” it noted on X.

Investors Backing OpenLedger

Investors in the $8 million seed funding round include venture capital firms MH Ventures, Finality Capital, HashKey Capital, Mask Network, and WAGMI Ventures. Leading angel investors from the crypto space also participated, including Eigen Labs’ Sreeram Kannan, Polygon’s Balaji Srinivasan and Sandeep Nailwal, and Manta’s Kenny Li.

OpenLedger’s team comprises experts from leading brands and blockchain ecosystems. They aim to advance the future of blockchain and AI globally. The project has attracted top talent from electronics giant Sony, retail behemoth Walmart, and blockchain companies Polygon, Hedera, and Flow. Part of the funding will go into hiring more team members, OpenLedger said.