Quick take:
The announcement comes less than a month after completing a $30M AI node sale in January.
It also comes ahead of the company’s anticipated mainnet launch of its AI-focused blockchain in the first or second quarter of 2025.
Last year, the company also raised $35 million in seed funding and a further $40 million extension backed by Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Bankless Ventures and Animoca Brands.
0G Foundation has launched an $88 million fund to invest in the next generation of AI-powered DeFi apps. The fund attracted backing from leading Web3 VCs including Hack VC, Delphi Ventures, Bankless Ventures and OKX Ventures.
It comes on the heels of the 0G Foundation’s $30 million AI node sale announcement in January.
According to the announcement, the fund will back AI-powered decentralised finance apps building on the 0G protocol, a layer-1 blockchain built purposely for decentralised AI projects.
The announcement also follows the Foundation’s $35 million seed round announced last March and a $40 million extension announced in September, which attracted participation from Hack VC, Delphi Digital, OKX Ventures, Samsung Next, Bankless Ventures and Animoca Brands.
Last year, 0G Labs said it planned to launch the 0G protocol mainnet by the first or second quarter of 2025. It comes at a time when technology companies are looking to tap into the power of artificial intelligence.
While the costs of training AI agents continue to be a major challenge, one of the biggest divisive subjects has been how AI threatens user privacy and data security.
However, Web3 companies have found a way to address this by leveraging zero-knowledge proofs, which is why major VCs are now targeting opportunities at the intersection of artificial intelligence and blockchain technology,
“The rapid growth of AI capabilities, coupled with the need for trustless, transparent systems in finance, makes this the ideal time to accelerate the development of autonomous agents,” Michael Heinrich, co-founder and CEO of 0G Labs told Cointelegraph.
“With the completion of our AI Alignment Node Sale and the approaching mainnet launch, 0G’s infrastructure is ready to support a new wave of AI-powered decentralized applications,” he added.
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