GaiaNet Secures $10 Million in Funding for Decentralized AI Protocol

Updated: 28 May 2024

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GaiaNet, a decentralized AI developer, is challenging the centralized artificial intelligence landscape by using blockchain technology to create a new paradigm. The company has recently raised $10 million in funding to develop its blockchain optimized for large language models and generative software.

Key Initiatives and Investor Participation

The funding will aid GaiaNet in building a decentralized network of edge nodes managed by private individuals and businesses. This approach aims to democratize artificial intelligence tools, providing a more inclusive alternative to dominant players like Google. GaiaNet’s CEO, Matt Wright, stated that the company’s goal is to “redefine the way humans and AI engage to enable sovereign infrastructure” for managing artificial intelligence.

One of GaiaNet’s initiatives includes addressing the shortage of higher education experts through the use of decentralized AI-powered teaching assistants. This effort builds on an existing partnership with the University of California to develop chatbots for STEM students.

The seed funding round saw participation from notable investors, including Lex Sokolin from Generative Ventures, Brian Johnson of Republic Capital, Shawn Ng from 7RIDGE, Kishore Bhatia, EVM Capital, Mirana Ventures, Mantle EcoFund, and ByteTrade Lab. Lucas Lu, CEO of ByteTrade Labs, commented on the investment, highlighting that GaiaNet’s decentralized AI network “opens up endless possibilities for both users and developers to collaborate with AI agents.”

GaiaNet commenced its first-phase product testing in Q2 2024 and plans to launch its testnet and software development kit in Q3 2024.

Decentralized AI developer GaiaNet challenges the centralized artificial intelligence status quo by leveraging blockchain tech for a new paradigmhttps://t.co/3X8vlHebj7

— crypto.news (@itscrypto_news) May 28, 2024

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