ChainML, a web3-enabled AI platform, has successfully raised $6.2 million in a seed extension round, led by Hack VC. This significant funding announcement was made alongside the unveiling of ChainML’s agentic base layer, Theoriq, which aims to transform AI in the web3 space.
ChainML’s New Funding Round
The $6.2 million seed extension round saw participation from prominent investors, including Foresight Ventures, Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures. This funding round, structured as equity with token warrants, was completed at the end of last year but has been announced now with the launch of Theoriq. Ron Bodkin, co-founder and CEO of ChainML, and a former technical director of applied artificial intelligence at Google, stated:
“We believe that our agentic base layer is going to be the point of value creation in web3 moving forward, enabling intuitive access to web3 value drivers from DeFi, infra, and restaking to memecoins.”
Speed running the Web2 monopolist cycle… To compete requires a cooperating ecosystem of AI agents, not individual companies competing against well-funded monopolies. https://t.co/U7ujzUV4Jr
— Ron Bodkin (@ronbodkin) May 14, 2024
Introducing Theoriq
Theoriq, ChainML’s agentic base layer, is designed to enable decentralized AI agents to perform complex tasks. Theoriq leverages blockchain technology to enable agent registration, payment, and security.
“These agents leverage multiple input sources, including social media, community feedback, and on-chain data to perform a variety of tasks for the web3 community, from reading documentation and sentiment analysis to more sophisticated investment planning,” Bodkin explained.
Psst! We've changed things here! 📣
Introducing Theoriq – our Agent Base Layer that facilitates secure access to AI agents.
We're pioneering AI agent-to-agent communication & distributing micropayments to all agent operators.
Learn about it here 👇🏽 https://t.co/lQF2aDFFrT
— TheoriqAI (@TheoriqAI) May 13, 2024
The Vision Behind ChainML
ChainML is dedicated to decentralizing AI access by leveraging blockchain technology. Theoriq will partner with established web3 projects to launch AI agents for their communities. These agents are intended to enhance the functionality and efficiency of web3 projects, facilitating tasks ranging from documentation review and sentiment analysis to advanced investment planning.
Future Plans and Competition
ChainML plans to launch Theoriq’s testnet this summer and its mainnet later this year. With the new funding, the firm aims to expand its team and strengthen its engineering, research, and go-to-market departments. By June, ChainML expects to have around 25 team members, with more hires on the way. Bodkin stated, “We believe that Theoriq will serve as the framework for delivering useful and sophisticated AI agents that solve pain points in web3 and beyond.”
ChainML faces competition from other web3-enabled AI platforms like Fetch.ai, Autonolas, and MyShell. However, Bodkin is confident that Theoriq will be a game-changer in delivering sophisticated AI agents, setting ChainML apart from its competitors.
Pioneering the Future of Decentralized AI…
ChainML’s recent $6.2 million seed extension round and the unveiling of Theoriq mark significant milestones in the journey towards decentralized AI. As ChainML continues to innovate and expand, the web3 community can expect to see increasingly sophisticated AI agents enhancing various projects. Stay tuned for more updates and let us know your thoughts in the comments below!
Photo by Sean Pollock on Unsplash
