🌎 OpenLedger Raises $8M to Advance AI-Driven Blockchain Solutions

OpenLedger, the sovereign data blockchain for AI, has successfully raised $8 million in a seed round. These funds will help OpenLedger grow its team and expand operations ahead of the planned testnet launch in the fourth quarter of 2024.

OpenLedger Secures $8 Million

OpenLedger announced this funding round amidst increasing AI integration in the broader blockchain space. Data sovereignty and digital identity are becoming key issues among users. OpenLedger’s infrastructure offers a permissionless platform, allowing users greater control over their personal data.

With this funding, the team aims to tackle bottlenecks associated with the AI boom. According to a press release, data remains a significant issue as AI becomes more integral to everyday applications. “Currently, the AI industry has addressed the needs for powerful computing and algorithms, but the crucial bottleneck of data remains,” stated the OpenLedger team.

OpenLedger aims to resolve this by providing the necessary infrastructure and verifiable data for developers. The platform utilizes EigenLayer’s technology to ensure the verifiability, diversity, integrity, and security of data. “OpenLedger addresses the bottleneck of data in AI by making the infrastructure for data lifecycle verifiable, permissionless, and censorship-free!” the team noted.

OpenLedger Investors

The $8 million seed funding round saw participation from several venture capital firms, including MH Ventures, Finality Capital, HashKey Capital, Mask Network, and WAGMI Ventures. The round also attracted notable angel investors from the crypto space, such as Eigen Labs’ Sreeram Kannan, Polygon’s Balaji Srinivasan and Sandeep Nailwal, as well as Manta’s Kenny Li.

An Experienced Team

OpenLedger is built by a team of experts from leading brands and blockchain ecosystems. The project aims to advance the future of blockchain and AI globally, attracting top investment firms and backers from both Web2 and Web3 spaces. Team members include professionals from electronics giant Sony and retail behemoth Walmart, as well as blockchain industry talents from Polygon, Hedera, and Flow.

OpenLedger has indicated that part of the funding will be allocated to hiring additional team members.