Open source artificial intelligence platform will unlock machine learning in smart contracts and web3 protocols within DeFi, Gaming, and Security
NEW YORK, July 11, 2023 — Giza, an artificial intelligence (AI) platform for smart contracts and web3 protocols, today announced a $3 million pre-seed round led by CoinFund, a leading crypto-native investment firm and registered investment adviser, with participation from Arrington Capital, StarkWare and TA Ventures, along with prominent angels like Rand Hindi and Julien Bouteloup, among others. Funding will go towards the launch of Giza’s platform, which will support web3 and AI developers to integrate machine learning into smart contracts and decentralized protocols.
Current web3 infrastructure, such as smart contracts, are fundamentally static and disconnected from real-world context, exposing web3 users to various inefficiencies, UX hurdles, and vulnerabilities. By providing trustless inference access to web3 applications, ML models served on Giza’s platform will provide smart contracts with the ability to classify, contextualize and adapt.
“Smart contracts are not as smart as their name would suggest,” said Francisco Algaba, CEO of Giza. “They lack the capabilities and ease of use of many web2 applications because, until now, smart contracts cannot trustlessly integrate machine learning. Giza is on a mission to unlock the capabilities of machine learning for web3 smart contracts and protocols leveraging collective and open development. Successful integration of AI into web3 will not only expand the capabilities of smart contracts but will also enable the possibility of new models of ownership for AI.”
Currently, smart contracts can’t trustlessly operate on off-chain data without relying on oracles, reducing their ability to leverage machine learning. Giza changes this by using zero-knowledge cryptography to bring model inferencing on-chain, unlocking a new depth for smart contract design.
This new design space has significant implications across web3 verticals. ML-integrated smart contracts will perform significantly better for usability in web3 with use cases such as biometric access and account recovery; in DeFi, protocols can enhance their risk assessment mechanisms, leading to a more resilient open finance infrastructure. Giza can also shift the paradigm in web3 gaming with on-chain autonomous agents, difficulty adjustment, and asset interoperability mechanisms.
“We are thrilled to support Giza’s efforts to be one of the first projects that make AI models available to smart contracts and dramatically expand their design space,” said Einar Braathen, Investor, CoinFund. “Fran, Cem, and Renç are an exceptional and truly web3 native team, with what we consider a unique blend of AI, web3, and operational experience. This shines through in their incredible vision and their lightning-fast execution and time to market.”
Giza is an open-source machine learning solution founded in May 2022 with the goal to provide trustless AI capabilities in the blockchain and the provenance of AI models at scale. By leveraging zero-knowledge cryptography, Giza enables the output of machine learning models to be computationally proven on-chain and adopted in a trustless manner by web3 protocols, empowering the next generation of on-chain applications within DeFi, Gaming, Security, and NFTs. Visit gizatech. xyz to learn more.
CoinFund is a web3 and crypto-focused investment firm and registered investment advisor founded in 2015 with the goal of shaping the global transition to web3. The firm invests in venture and liquid opportunities within the blockchain sector with a focus on digital assets, decentralization technologies, and key enabling infrastructure. The CoinFund team has studied and supported the development of the blockchain space from the inception of the first decentralized networks, and come from diverse backgrounds in investing, engineering, computer science, and law. For more information, please visit coinfund.io
About the Co-founders:
Fran Algaba, Co-Founder – Head of Machine Learning:
Fran has over a decade-long experience in AI and machine learning. He led teams to implement and scale machine learning strategies within corporations like BBVA and Adidas. In parallel, he made significant contributions to the development of Ethereum scaling solutions and zero-knowledge protocols, which led him to his current focus to bridge the gap between AI and blockchain.
Cem F Dagdelen, Co-Founder – Head of Mechanism Design:
Cem is an experienced mechanism designer and versatile researcher with a finance background. He founded Curve Labs, a mechanism design and development company, where he led tokenomics and governance design for prominent protocols such as Toucan, API3, and LabDAO. Previously he led strategy and mechanism design for a web3-based version control system called Pando Network and built the first state-of-the-art automated primary-market maker contracts at Aragon Black.
Renç Korzay, Co-Founder – Head of Operations:
Renç has led cross-functional and international teams throughout his career in a variety of global market-leading companies. He held positions ranging from global Content Coordinator for Sony Electronics to Head of Digital Products for Johnson & Johnson. He has been the lead PM of Curve Labs for 2 years, where he delivered various web3 applications and oversaw the development lifecycles.