- ChainML secures $6.2 million in seed extension round led by Hack VC.
- The funding supports the launch of Theoriq, an agentic base layer for AI agents in web3.
- Theoriq leverages blockchain technology for agent registration, payment, and security.
- ChainML plans to launch Theoriq’s testnet in summer, followed by the mainnet later this year.
- The company aims to expand its workforce and hire a dedicated go-to-market team with the seed funding.
Main AI News:
ChainML, a pioneer in web3-enabled AI solutions, has successfully closed a $6.2 million seed extension round, unveiling its groundbreaking agentic base layer named Theoriq. Leading the funding round is Hack VC, joined by prominent investors including Foresight Ventures, Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures, as announced by ChainML on Monday. The round, structured with equity and token warrants, was finalized last year and is now disclosed coinciding with Theoriq’s debut, shared Ron Bodkin, ChainML’s co-founder and CEO, and a former technical director of applied artificial intelligence at Google. Bodkin refrained from disclosing the valuation at this time.
ChainML’s latest funding milestone arrives nearly two years post its initial $4 million seed funding round led by IOSG Ventures in September 2022.
Introducing ChainML
ChainML stands as a beacon in the realm of web3-enabled AI research and development, dedicated to democratizing AI accessibility. Today, it proudly unveils Theoriq, its agentic base layer—a pioneering framework empowering autonomous AI agents to tackle intricate tasks effectively.
“We envision our agentic base layer as the cornerstone of value creation in web3 going forward, facilitating seamless access to web3’s value propositions, spanning DeFi, infrastructure, restaking, and memecoins. Collaborating with resource providers in DePIN compute, inference, and data, we aim to redefine possibilities,” expressed Bodkin.
He further elaborated that Theoriq harnesses blockchain prowess to facilitate agent registration, payment, and fortification. Delving into Theoriq’s potential applications, Bodkin highlighted ChainML’s strategic collaborations with “established web3 projects” to introduce AI agents tailored for their communities, with further details slated for unveiling at Consensus 2024.
Theoriq’s Grand Debut
ChainML is gearing up to launch Theoriq’s testnet during the upcoming summer, followed by the mainnet later this year, Bodkin disclosed. By June, the company anticipates a workforce of approximately 25 individuals, with ongoing recruitment efforts. Bolstered by the seed extension round, ChainML aims to expand its talent pool across engineering and research domains, alongside establishing a dedicated go-to-market team, Bodkin revealed.
Acknowledging competitors like Fetch.ai, Autonolas, and MyShell, Bodkin asserted, “We are confident that Theoriq will emerge as the preeminent framework for delivering robust and sophisticated AI agents, adept at addressing web3’s challenges and beyond,” he concluded.
Conclusion:
ChainML’s successful funding round and the unveiling of Theoriq signify a growing interest and investment in web3-enabled AI platforms. The development of Theoriq could potentially disrupt the market by offering a robust framework for decentralized AI access, positioning ChainML as a significant player in the evolving landscape of web3 technologies. Competitors in the space may need to reassess their strategies to remain competitive amidst ChainML’s advancements.
