Carv Raises $10M Series A Round for AI, Gaming Data Solution

Carv, a company specializing in a modular data layer for AI and games, recently secured a $10 million Series A funding led by IOSG Ventures.

IOSG Ventures and Tribe Capital led a $10 million Series A round for Carv, a modular data layer for AI and games. These entities include OKX Ventures, Arweave, Consensys, Draper Dragon, Fenbushi Capital, LiquidX, No Limit Holdings, OKX Capital, and MARBLEX, the Web3 division of the Korean gaming business Netmarble.

They have not disclosed their current valuation, but a 2022 announcement of a $4 million seed round valued the company at $40 million.

With the new funding, the firm plans to improve the CARV Protocol’s architecture to make it more flexible and scalable, according to the announcement. Carv made a public announcement on Thursday, stating that their platform will initially serve the gaming and AI industries before expanding to other use cases.

The company is developing three products: CARV Protocol, a modular layer that links web2 identities with tokens on-chain; CARV Play, a cross-chain credentialing system and game distribution platform; and CARA, an artificial intelligence agent that integrates with web3 wallets to provide gamers with assistance, recommendations, and guidance, including for games, activities, and projects.

At the crossroads of blockchain gaming and AI, they emphasis on gaming and AI is well-positioned as more and more game creators include AI. Concern over data privacy has recently emerged as a major issue in the artificial intelligence games industry, which the business is working to resolve.

They stand out by giving people control over their data and how they can make money off of it. “The data creators and themselves get a portion of the revenue that comes from using users’ data,” Victor Yu, co-founder and COO of Carv, told the media.

“In contrast to current isolated solutions, we have developed a unified user ID standard (ERC-7231) that connects web2 and web3, allowing for smooth data portability,” Yu continued.

Since January 2023, his company has reportedly been successful, bringing in $1 million in recurring revenue per month, according to Yu. 

According to them, their platform complies with legislation and protects users’ privacy when they share data with their business customers. Companies can utilize the data for a variety of purposes, including training AI models and conducting market research, according to the company.

Carv now has over 350 affiliated gaming and AI companies, as well as 2.5 million registered users. Coming soon from the organization are two products: the CARV database, a system for managing data, and the CARV link, an on-chain identity and data authentication solution.