AI platform developers Spice AI announced a $13.5 million seed round led by Madrona Venture Capital.
Other investors include Blackbird Ventures, Basis Set Ventures and Alumni Ventures Blockchain Fund.
Spice AI's core tool, spice.xyz, enables SQL-based trawling of data drawn from blockchains, aimed at facilitating machine learning and AI applications for developers. Blockchain data can be extremely expensive to download and decode for any given query. In addition, a small error can result in having to run and pay for those same queries again, all while having to store this large sum of data.
"There is no ecosystem out there that is more data rich than Web3 and blockchains, but that area is currently hampered by lack of data access and infrastructure," said CEO Luke Kim.
The new funding builds on angel investments from 2021, which Crunchbase estimated at $1.1 million and which also saw funding from Madrona.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.