OpenLedger Successfully Acquires $8 Million in Seed Funding to Boost Its Data Management Systems

Sovereign data blockchain for AI, OpenLedger The company announced the closure of its seed funding round, which secured $8 million with leadership from Polychain Capital and Borderless Capital, along with additional contributions from Finality Capital, Hash3, HashKey Capital, STIX, TRGC, Mask Network, MH Ventures, and WAGMI Ventures. The round also garnered support from notable angel investors like Sreeram Kannan, Vyas Krishnan, and Alan Curtis from EigenLabs, Balaji Srinivasan, Sandeep Nailwal from Polygon, Kenny Li from Manta, Scott Moore from Gitcoin, Chainyoda, Sebastien Borget from Sandbox, Trevor from Polymath, Aniket Jindal from Biconomy, and Paul Taylor, among others.

The proceeds from this funding will be directed towards launching its testnet, slated for early Q4 of 2024, along with expanding its workforce and operational capabilities.

OpenLedger specializes in developing data management infrastructures. Its platform is designed to empower AI frameworks while ensuring they function without interference, providing robust security measures that promote full verifiability and minimize risk. EigenLayer Furthermore, it leverages Ethereum's security features through its Active Validated Service (AVS), which significantly enhances data reliability and overall platform security.

OpenLedger Paves the Way for AI Innovation Through Its Unrestricted Data-Centric Framework

The firm's approach to advancing AI hinges on three essential components: data, computational power, and algorithms. OpenLedger offers a completely unrestricted and verifiable data-focused infrastructure, stimulating the evolution and enhancement of AI. The team's expertise in decentralization is well-documented, highlighted by successful collaborations with top brands like Sony and Walmart. Polygon , Hedera , and Flow (Dapper Labs).

OpenLedger tackles vital aspects of data quality, such as verifiability, diversity, integrity, and security across various channels. It enables the unhindered flow of verified information from numerous origins, thus safeguarding against data tampering, while also benefiting from EigenLayer's substantial economic security, boasting a Total Value Locked (TVL) of $20 billion and a diverse network of nodes. This method ensures exceptional protection while adhering to core decentralization principles.

The artificial intelligence industry has experienced a remarkable surge, with its market value jumping from $50 billion in 2023 to $184 billion in 2024, with projections suggesting it could surpass $826 billion by 2030. Companies like Scale AI, valued at $14 billion, are key players in the centralized data infrastructure landscape, yet they encounter significant long-term challenges in maintaining data quality. OpenLedger aims to tackle these issues head-on by creating a fully unrestricted data infrastructure that broadens market opportunities.