Quick take:
Cayman Islands-based Cyber.Fund also joined the seed round.
Eidon’s first version also went live on Tuesday, as part of the announcement.
Eidon’s platform incentivises users to share their data for training AI models.
Eidon, a Web3 AI startup incentivising users to share their data for training AI models has raised $3.5 million in a seed round led by Framework Ventures. Cayman Islands-based Cyber.Fund also joined the round.
The company is building a decentralised artificial intelligence network that allows users to submit new data, including fine hand motions or object interactions, which is then presented to others for auditing and authentication.
The company plans to use the new funding to lay down the “foundation for what Eidon will become, starting with data.” Eidon’s first version also went live on Tuesday, as part of the announcement.
Commenting on the announcement, Eidon co-founder Sam Padilla told The Block: “The end goal is a fully integrated decentralized AI network — far beyond just data. We want to build an unbreakable chain of contributions for the creation of AI models; where people can contribute data, compute, storage, code, models and much more. All the value generated by the models created in the network trickling back to all contributors.”
The announcement comes at a time when the crypto market is on a bull run with all major cryptocurrencies experiencing significant gains in price to the dollar.
It also builds on the strong fundraising activity noticed in October, in the lead-up to the U.S. presidential election, whose outcome the crypto community has received positively following Trump’s big win.
Many Web3 VC firms this year have targeted investment at the intersection of blockchain technology and artificial intelligence, and Eidon joins a growing list of Web3 AI startups that have raised funds this year including Space and Time, YeagerAI and Hyperbolic, among others.
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