Funding Wrap: Decentralized AI is all the craze

Artificial intelligence decentralized GPU network io.net posted on X that it had secured $30 million from investors, including Hack VC, Multicoin, 6th Man Ventures and OKX Ventures.

IO Research, the team behind io.net, noted that the network is designed to enable users to redistribute unused GPUs to power resource-intensive AI companies. 

This latest funding round shows that there has been a growing interest in AI-driven innovation, especially in the realm of cryptocurrency and blockchain technology. 

Read more: What can blockchain do for AI? Not what you’ve heard.

Other AI-related blockchain companies that have received interest from investors as of late include Ritual, which raised $25 million in seed funding to offer Web3 companies on-chain proof of interactions using AI models, and Sahara, a decentralized AI network that raised $6 million in a recent seed round.

According to Sahara, Polychain Capital led its funding round, which included participation from prominent venture capital firms, including Sequoia, Matrix Partners and DAO Five.

Read more: Decentralized AI platform Ritual lands $25M in seed funding

Utila raises $11.5M for enterprise crypto wallet

Enterprise crypto wallet Utila has secured $11.5 million in a seed round led by NFX, Wing VC, Framework Ventures and a handful of angel investors.

Utila’s goal is to make enterprise crypto wallets more user-friendly and accessible for customers. 

“We are setting a new standard for institutional cryptocurrency wallets, delivering a sophisticated yet user-friendly platform that ensures the highest level of security and efficiency for managing digital assets,” Bentzi Rabi, co-founder and CEO of Utila, wrote in a blog post. 

Other notable fundraises

• Payments app Baanx raised $20 million in a Series A co-led by Tezos, Chiron and British Business Bank.
• Zama secured $73 million in a Series A funding led by Protocol Labs and Multicoin Capital to bring FHE technology to life.

Updated March 11, 2024 at 1 pm ET: Removed one listing from “notable fundraises” section.

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