Web 3 Startup Tensorplex Labs Raises $3M Seed Funding to Decentralize AI
Tensorplex said decentralization can help prevent tech giants monopolizing artificial intelligence, making them prone to biases or censorship.
Mar 21, 2024 at 12:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/Y5FCSH6JAZD2BIXH5TPQE4QRIY)
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EMB: March 21, 12:00 UTC
- Tensorplex Labs, a Web3 and artificial intelligence (AI) startup, raised $3 million in a round led by Canonical Crypto and Collab+Currency.
- The company will use the funds to develop a decentralized AI infrastructure.
Tensorplex Labs, a Web3 and artificial intelligence (AI) startup, raised $3 million in seed funding to expand the infrastructure for decentralized AI networks.
The round was led by Canonical Crypto and Collab+Currency and included participation from big-name crypto investors such as Digital Currency Group (DCG), Quantstamp and Amber Group, Tensorplex said in an email.
Tensorplex said decentralization is an antidote to the risk of tech giants monopolizing AI, making them prone to biases or censorship.
"Tensorplex Labs will use the new funds to build novel capital and intelligence infrastructure and applications that aim to accelerate the growth of open, decentralized AI networks such as Bittensor," the firm said in the announcement.
Bittensor's native token TAO is priced at around $623 and has a market cap of over $4 billion, according to CoinMarketCap data.
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Jamie Crawley is a CoinDesk news reporter based in London.