- Lead by Hack VC, ChainML has raised $6.2 million in a fresh fundraising round.
- The agentic base layer of the web3 AI platform, called Theoriq, has also been revealed.
The web3-enabled AI platform ChainML has revealed its agentic foundation layer, Theoriq, and secured $6.2 million in a seed extension round.
According to ChainML on Monday, Hack VC spearheaded the investment round, with participation from Foresight Ventures, Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures.
The round, which is organized as equity with token warrants, was raised at the end of the previous year, and Ron Bodkin, the CEO of ChainML and a former technical director of applied artificial intelligence at Google, informed The Block that it is being announced concurrently with the launch of Theoriq. Bodkin said he would not comment on the appraisal.
The seed extension round for ChainML was announced almost two years after the company raised $4 million in September 2022 in a seed fundraising round headed by IOSG Ventures.
ChainML: What is it?
Decentralizing AI access is the goal of ChainML, a web3-enabled AI research and development startup. It announced Theoriq today, an agentic base layer that provides a framework for self-governing AI bots to carry out intricate tasks.
We think that going future, our agentic base layer will be the hub of value creation in web3, providing easy access to web3 value drivers such as DeFi, infra, and restaking to memecoins. According to Bodkin, we are collaborating with resource providers in DePIN compute, inference, and data.
He continued by saying that Theoriq uses blockchain technology to facilitate agent payment, registration, and security. Bodkin stated that ChainML is collaborating with “established web3 projects to launch AI agents for their communities, details of which will be unveiled at the Consensus 2024 event,” in reference to particular use cases of Theoriq.
According to Bodkin, these agents use a range of input sources, including as social media, user reviews, and on-chain data, to carry out a range of functions for the web3 community, including sentiment analysis, document reading, and more complex investment planning.
Introduction of Theoriq
According to Bodkin, ChainML intends to introduce Theoriq’s mainnet later this year and its testnet this summer. In June, the company will employ about 25 workers, with a few more hiring still waiting.
According to Bodkin, ChainML intends to expand its workforce in both its engineering and research departments and create a specialized go-to-market team with the proceeds from the seed extension round.
According to Bodkin, ChainML is in competition with other comparable web3-enabled AI platforms including Fetch.ai, Autonolas, and MyShell. Bodkin stated, “We think that Theoriq will serve as the framework for delivering practical and intelligent AI agents that solve pain points in web3 and beyond.”
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