The latest update from Binance Labs revealed that the firm today invested in Sahara AI, a decentralized AI blockchain platform promoting open and equitable AI. This investment has echoed a buzz across the broader industry as artificial intelligence continues to deepen its root across global sectors.
Binance Labs Jacks Up Sahara AI With Investment
As per an official statement by the venture capital today, August 14, Sahara AI leveraged funding from Binance Labs, among many other investors, to raise $43 million in its series A funding. The series A funding round witnessed participation from other key investment giants.
Polychain Capital and Pantera Capital led the decentralised AI network’s series A funding round today, per Cryptorank data. Simultaneously, the crypto exchange-related venture capital emerged as the tier 1 investor in the decentralized AI project.
Moreover, tier 2 investors encompassed SamsungNext and Mirana Ventures. Subsequently, tier 3 investors included Foresight Ventures and Canonical Crypto, followed by numerous tier 4 participants. The series A funding round concluded today.
Further, market data shows that the AI meets blockchain project secured $6 million in its seed funding as of March this year. The seed investment saw participation from Sequoia Capital and Polychain Capital, among many other investment giants.
Decentralised AI Network Spotlights The Funding
Simultaneously, Sahara AI took to X, revealing that the $43 million funds raised are to be used in building a collboratibe AI economy. “This funding brings us closer to a future of open, equitable, and secure AI through our decentralized AI blockchain platform,” the company added.
Further, posts on the AI firm’s X handle reveal that it also rebranded its logo, color way, and website recently. Additionally, the firm spotlighted its recent investment, stating, “excited for the opportunity to partner with our friends at Binance Labs to create a future where AI is equitable, transparent, ethical, and accessible to all.”
The AI firm primarily zeroes in on eliminating data, copyright and privacy issues related to artificial intelligence usage. “Ethical concerns over copyright, privacy, resource access, and economic imbalances continue to grow as AI becomes more widely adopted and capable,” the co-Founder and CEO of the firm, Sean Ren, added.
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