Bittime - Web3-based artificial intelligence (AI) platform, ChainML, has just announced the success of its seed funding of $6.2 million. This funding round was led by Hack VC. Other investors participating include Foresight Ventures, Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures.
What is ChainML?
ChainML is an AI research and development startup focused on Web3. ChainML's goal is to decentralize access to AI technology.
To make this happen, ChainML launched Theoriq, an agent base layer that serves as a framework for autonomous AI agents. These agents can then complete various complex tasks.
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Theoriq: Web3 Agent Base Layer
Ron Bodkin, CEO of ChainML and former Director of Applied Artificial Intelligence Engineering at Google, said that they believe Theoriq will be a crucial point in value creation on Web3 going forward.
Theoriq enables intuitive access to Web3 value drivers, from DeFi, infrastructure and restaking, to meme coins. ChainML also has a partnership with computing , inference and data resource provider DePIN.
Furthermore, Bodkin explained that Theoriq utilizes blockchain technology to enable agent registration, payment and security. For Theoriq's specific use case, Bodkin revealed that ChainML is partnering with the Web3 project to launch a community-specific AI agent. Details regarding this partnership will be announced at the upcoming Consensus 2024 event.
Launch of Theoriq
ChainML plans to launch the Theoryq testnet next summer and mainnet by the end of this year.
The company is expected to have about 25 employees in June, with some recruitment processes still underway.
With the newly obtained funding, ChainML plans to strengthen the team by recruiting more HR in the engineering and research departments, as well as establishing a dedicated marketing team.
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Competition in the Web3 AI Realm
ChainML is not the only player in the Web3-based AI space. ChainML competes with similar platforms such as Fetch.ai, Autonolas, and MyShell.
However, ChainML is confident that Theoriq will be the leading framework in delivering sophisticated and useful AI agents. These agents were created to solve various problems in Web3 and beyond.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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