Tensorplex Labs has announced the raising of $3M in seed round funding, co-led by Collab+Currency and Canonical Crypto.
Takeaway points
- Tensorplex Labs has announced the raising of $3M Seed in seed round funding, co-led by Collab+Currency and Canonical Crypto.
- Tensorplex Labs wants to build an infrastructure that will help AI be decentralized, transparent, and accessible to all.
$3 million in seed round funding
The artificial intelligence and web3 startup announced on Thursday announced that they have raised $3 million in seed round funding, co-led by Collab+Currency and Canonical Crypto. Leading the charge in AI and web3 innovation, Tensorplex Labs wants to build an infrastructure that will help AI be decentralized, transparent, and accessible to all.
Tensorplex Labs showed happiness and enthusiasm when the announced it on X, saying they will continue their mission to build capital and intelligence infrastructure for decentralized AI.
“We are excited to announce that Tensorplex Labs has successfully raised a $3M Seed round, co-led by @Collab_Currency and @CanonicalCrypto! We continue on our mission to build capital and intelligence infrastructure for decentralized AI networks like Bittensor and more.” Tensorplex said.
In the report, it listed additional investments from Digital Currency Group (DCG), Accomplice, GoldenChain, Mechanism Capital, Quantstamp, Amber Group, and angel investors including Fiskantes, Arthur Cheong, Jordi Alexander, and Scott Moore.
stTAO
Tensorplex said that the first team’s product it launched, stTAO, which is a liquid staking token for Bittensor (TAO), has already reached more than $12M in total value within one month, showing strong product market fit.
Ronan, an investor at Collab+Currency, said that their team at Collab+Currency is delighted to support Tensorplex in building out this future.
“Tensorplex Labs sits at the intersection of crypto and AI, with the necessary expertise to bring liquid markets and intelligent applications to decentralized AI. Through their TAO liquid staking product (stTAO), Tensorplex Labs plays a critical role in further democratizing access to the Bittensor ecosystem. Our team at Collab+Currency is thrilled to support Tensorplex in building out this future.” Ronan said.
Tensorplex Labs listed some of the accomplishments that have been in other areas as ranking number one in Bittensor’s Subnet 6 and 9, gathering $80 million worth of TAO delegated to validators to date. The team has also built a Bittensor-powered Web3 Research Platform as a proof of concept on what is possible with existing decentralized AI.
According to the report, the artificial intelligence and Web3 startups said that their teams will continue to develop innovative applications and infrastructure for decentralized AI networks in Web3 with support from investors and the community in the seed round.
What is Web3?
Web3 is the new internet that is based on decentralization. Unlike web1.0 and web2.0, it won’t be owned and controlled by a single authority or entity; rather, it is going to be owned and controlled by the users. There is the concept of NFTs, cryptocurrencies, and blockchains on this new internet. in web3, you use cryptocurrency to make transactions not Fiat.
The term Web3 was invented by Gavin Wood, Ethereum Co-founder shortly after Ethereum was launched.
