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Grass raises $3.5m as Polychain Capital and others bet on decentralized AI

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Startup for passive earnings, Grass, has raised 3.5 million in seed funding to change into a decentralized oracle for synthetic intelligence (AI).

Wynd Community, the builders behind the Grass mission, have introduced the profitable closure of a $3.5 million seed funding spherical co-led by Polychain Capital and Tribe Capital. In a weblog put up on Dec. 19, Wynd Community mentioned the newest infusion of capital introduced the agency’s complete funding to $4.5 million, following a pre-seed spherical led by No Restrict Holdings.

The founders of Grass imagine {that a} decentralized mannequin presents vital benefits for internet scraping. Describing Grass as a decentralized oracle for AI, the founders emphasize that the platform will generate datasets traceable to their origin, enabling truthful compensation for contributors to the community.

“As a decentralized oracle for AI, Grass will produce datasets that may be traced again to their origin, making it attainable to compensate individuals pretty for his or her contribution to the community.”

Wynd Community

You may additionally like: AI tokens acquire traction as Sam Altman heads again to OpenAI

Different traders comparable to Bitscale, Massive Mind, Advisors Nameless, Typhon V, and Mozaik have additionally participated within the funding spherical. With the proceeds, Wynd Community plans to broaden its community of nodes and proceed the agency’s development within the panorama of decentralized internet scraping networks.

Launched in June, Grass is the brainchild of Wynd Community, which is targeted on reworking public internet knowledge into useful AI datasets. The community’s imaginative and prescient revolves round mobilizing house web connections to interact within the scraping and verification of information from the online.

The funding arrives just some weeks after analysts at a16z revealed a 2024 prediction report highlighting use instances for distributed ledger know-how along with synthetic intelligence (AI). Andrew Corridor, a professor of political financial system on the Stanford Graduate Faculty of Enterprise, emphasised that blockchain networks can operate as a “counterbalancing pressure to centralized AI,” additional stating that crypto has the potential to foster “multi-sided, international, permissionless markets the place anybody can contribute.”

Within the realm of cryptocurrencies, tokens associated to synthetic intelligence are experiencing elevated reputation, contributing to a complete market cap of $9.03 billion for AI tokens, as per knowledge from CoinGecko.

As an example, Fetch.ai, a platform designed for the creation of autonomous financial brokers able to independently executing duties, noticed a outstanding surge in its native token FET, surpassing 25% development previously week, reaching $0.72. Concurrently, Arkham Intelligence, a platform powered by AI for knowledge analytics, witnessed its token ARKM appreciating by over 40%, elevating its value to $0.65.

Learn extra: OpenAI engages in share sale talks at $86 billion valuation

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