- Verida has successfully raised $5 million in a seed investment round, with involvement from investors such as ChaiTech Ventures, O-DE Capital Partners, and Simurg Labs.
- While BigTech corporations try to exploit user data to train their AI models, the peer-to-peer network attempts to give users more control over their own data.
Verida, the creator of the DePIN network, has raised $5 million to address the rising worries about user data privacy in the Big Tech AI era.
O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng of Mysten Labs participated in the seed fundraising round. Pre-sales of the Verida Storage Credit token held by the community also contributed $5 million to the fund.
The money will go toward supporting the creation of substitute data storage options targeted at internet users who wish to stop their data from being utilized for artificial intelligence training.
According to a Verida spokesman, the company is ready to upend the AI industry by giving consumers back control over their data and enabling more safe, private, and customized AI for everybody.
With this most recent round of funding, Verida is now valued at $50 million.
The infrastructure for Verida’s personal data ownership will be developed with the recently obtained funds. The business released a statement on Friday stating that the network seeks to provide decentralized storage and encryption for customers’ personal information. Data is kept among multiple nodes managed by various network participants.
Concerns around the exploitation of internet user data by language-learning models are growing along with the AI business. The social networking platform Meta announced earlier this month that it intended to improve the effectiveness of its artificial intelligence models by using the data of its users in Europe. In the meantime, X (previously Twitter) said in a privacy policy update last year that it will use biometric data from its users to train AI.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
