Crypto AI funding booms, projects advance

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Altcoins
Crypto AI funding booms, projects advance

The native tokens of AI Crypto networks have been booming, especially towards the end of 2022 and the start of 2023. In recent months, several top AI projects completed successful fundraising rounds.

Blockchain and AI are a good match

Positive sentiment is growing among investors concerning blockchain and crypto AI. However, there is the risk of fraud everywhere in the crypto space. And that’s where the AI blockchain merger will genuinely help.

With proper implementation, AI can help in fraud detection, automation, and risk protection across the blockchain. 

AI’s potential is so vast in the crypto landscape. For instance, there are aspects like good customer experience, compliance and security, sentiment analysis, decentralized autonomous agents, and many more.

Therefore, AI could be a great blockchain partner in the coming years providing solutions in crypto trading, data tracking, and many more.

Many believe blockchain’s immutability and transparency could help the AI industry, especially with data storage. 

Crypto AI fundraising 

The crypto AI startup industry has been blossoming recently, with much of the success noticed in recent fundraising events.

Among the top fundraisers in the space include;

Lentra 

On Nov. 14th, Lentra, a network designed to help banks create unique, tailored products that help build customer experience raised cash. According to reports, the Lentra network completed its series B funding round, which raised over $60 million

Existing investors, including Bessemer Venture Partners and Susquehanna International Group (SIG) supported the Indian-based AI crypto startup.

Another strategic participant in the network’s fundraising round was Citi Ventures. Lentra noted that its main end game is simply helping empower banking networks to offer better lending services. The main intention of the fundraising round was to improve the service offering. 

Inworld AI

Another AI company focused on cryptocurrency completed fundraising in August 2022.

Based on reports, Inworld AI raised $50 million in a series A funding round. In a press statement, the company announced that its funding round was led by Section 32 and Intel Capital, with various participants including Accelerator Investments LLC, Founders Fund, Kleiner Perkins, First Spark Ventures, CRV, Microsoft’s M12 fund, etc.

This series A round followed a preseed round which raised $20 million. Therefore, in total, Inworld AI raised $70 million. Inworld is a simple AI network that helps in bringing metaverse, gaming, and business applications characters to life.

AI created by Inworld brings generative characters which can mimic fundamental human nature. In simpler terms, Inworld’s agenda is simply populating the gaming space with more innovative characters who can interact with players.

Yoom raised $15 million in a funding round

Another top AI startup to complete successful fundraising is Yoom. Reports indicate that this network raised $15 million in October 2022.

The network initially called Telavi, received support from different individual investors. This was not the first funding round, as the company’s total funds raised to date is $50 million.

Yoom was developed to allow space for creating photorealistic digital content targeted at improving the experience for web 3.0 and metaverse.

More coming from crypto AI

Between 2022 and 2023, there were a good number of Crypto AI projects that raised funds. Aside from those mentioned above, there were others, including Sortium, the most recent which raised over $7 million. 

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Samuel Mbaki Wanjiku

Samuel is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.