ChainML, a company focused on decentralizing AI access through blockchain technology, secured a $6.2M extended seed round led by Hack VC.
Hack VC spearheaded the $6.2 million extended seed round, while ChainML, a foundational layer for AI agent training, completed it. In addition to Alumni Ventures and Foresight Ventures, other investors included Inception Capital, Figment Capital, HTX Ventures, and Hypersphere Ventures in the funding.
The media reports that a straightforward arrangement for future equity using token warrants facilitated the funding. It follows September 2022, when the firm disclosed a $4 million seed investment.
Additionally, ChainML has introduced Theoric, a platform that Web3 companies may use to introduce AI agents that can operate independently within their communities.
Ron Bodkin, the technical director of applied AI at Google, co-founded ChainML with the goal of decentralizing AI access through blockchain technology. Blockchain technology theoretically enables agent registration, payment, and security.
We anticipate that our agentic base layer will serve as the hub for future web3 value production, providing easy access to web3 value drivers such as meme currencies, DeFi, infra, and restaking.
Bodkin, co-founder and CEO of ChainML, said that the company is teaming up with resource providers in the DePIN computing, inference, and data spaces.
Bodkin mentioned “established web3 projects” at Consensus 2024 when asked about his company’s partnerships.
The AI models that the Web3 projects and their communities can use incorporate a variety of sources, including “social media, community feedback, and on-chain data,” according to Bodkin.
This allows these models to do things like “reading documentation and sentiment analysis to sophisticated investment planning” and other complex tasks for the Web3 community.
In preparation for the mainnet launch later this year, ChainML plans to deploy Theoric this summer. With the additional funding, the business intends to strengthen its research and engineering departments and establish a new unit devoted to its go-to-market strategy.