Decentralized AI protocol GaiaNet bags $10m from investors

Decentralized AI developer GaiaNet challenges the centralized artificial intelligence status quo by leveraging blockchain tech for a new paradigm. 

Decentralized AI provider GaiaNet has secured $10 million in funding to build its blockchain optimized for large language models and generative software. The funds will support the development of a decentralized network of edge nodes managed by private individuals and businesses, democratizing artificial intelligence tools to offer a more inclusive alternative to existing giants like Google.

GaiaNet CEO Matt Wright remarked that the company hopes to “redefine the way humans and AI engage to enable sovereign infrastructure” for handling artificial intelligence. 

The firm is addressing the shortage of higher education experts through decentralized AI-powered teaching assistants. The effort expands on a partnership with the University of California to build chatbots for STEM students. 

Participants in the seed funding round included Generative Ventures’s Lex Sokolin, Republic Capital’s Brian Johnson, 7RIDGE’s Shawn Ng, Kishore Bhatia, EVM Capital, Mantle EcoFund and ByteTrade Lab.

Commenting on the investment and the initiative, ByteTrade Labs CEO Lucas Lu noted that GaiaNet’s decentralized AI network “opens up endless possibilities for both users and developers to collaborate with AI agents”.

GaiaNet began first-phase product testing in Q2 2024 and plans to release its testnet and software development kit in Q3 2024.