Decentralized machine learning protocol ChainML raises $4M led by IOSG Ventures

ChainML, a global startup founded by experienced technology executives and machine learning experts building a tamper proof, scalable protocol for decentralized machine learning and related complex data-driven computation in Web3, is announcing a raise of $4M USD in seed funding.  

The funding round was led by IOSG Ventures with participation from HashKey, SNZ, Silicon Valley executives and angel investors.  

ChainML plans to leverage the funds from the round to create its first iteration of the ChainML protocol, simplifying the use of AI and machine learning models in smart contracts, dApps and wallets.  

Led by founder Ron Bodkin and co-founders Ethan Jackson and David Mueller, and CTO Arnaud Flament ChainML aims to address the emerging needs of Web3 companies and protocols to decentralize access to machine learning computation and models. ChainML will foster a community of independent actors providing compute capacity and building, publishing and leveraging machine learning / AI models and relevant datasets. The ChainML protocol will help put in place the mechanisms required to ensure trust, achieve consensus and meet the scalability needs of Web3.  

Ron Bodkin said “We are excited to partner with IOSG Ventures and all of our investors to bring the power of AI/ML to the Web3 vision of an Internet that empowers users, creators and community. We are seeing great interest in applying AI/ML to DeFi, NFT, gaming and social dApps.”  

Jocy Lin, Founding Partner of IOSG Ventures said “We believe that the next generation of dApps will be powered by decentralized & tamperproof data, computation, and machine learning models. ChainML is building a critical block that enables the integration of decentralized computing with smart contracts in line with the fundamental principles of Web 3.0.”  

Marijo Radman, Co-Founder & CTO of Solity said “As a leading provider of real-time risk frameworks, we are excited to work with ChainML on sophisticated on-chain machine learning models to meet customer demand for a decentralized risk infrastructure.”

Matthew Willetts, Co-Founder & CEO of Robodex said “We are delighted ChainML have achieved their first funding. Their promise of web3 protocols accessing heavy-duty compute is very exciting. Robodex is building the next generation of DEXes, for which computation is only going to become more important, and so we welcome their engagement in building out this infrastructure.”

“Fusing together blockchains, oracles, and machine learning represents a paradigm shift in how decentralized organizations can generate value for users. Thus, we are proud to support ChainML through the Startup with Chainlink program in their goal of applying machine learning to growing ecosystems ranging from DeFi to gaming to social media to data infrastructure,” stated Johann Eid, VP of go-to-market at Chainlink Labs.

 

This post is commissioned by ChainML and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results


© 2022 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.