Kaito AI raises $5.3 million to build ChatGPT-powered search engine for crypto

Quick Take

  • Kaito AI, an AI-powered search engine for crypto, raised $5.3 million in a round led by Dragonfly Capital.
  • Sequoia Capital China, Jane Street, AlphaLab Capital and Mirana Ventures are also among the investors participating. 

As investors flock away from crypto and into AI, one investment firm is taking a different approach.

Dragonfly Capital is leading Kaito AI's $5.3 million raise to build an AI-powered search engine for the crypto industry. The product has been in private beta with institutional investors since December and the investment firm is saying it is "revolutionizing" the way they invest.

"With so much information and data available, it can be overwhelming to identify the most valuable insights for informed investment decisions," said Gengmo Qi, partner at Dragonfly, in a release. "Kaito is solving this challenge by not only aggregating information, but making it readily accessible and actionable.”

Kaito's cap table for this round features several industry heavyweights including Sequoia Capital China, Jane Street, AlphaLab Capital and Mirana Ventures, said the company in the release.

ChatGPT and the AI boom

So what's drawing investors in? Could it perhaps be the mention of buzzy new AI technology ChatGPT, which Kaito AI is using to bolster its search engine experience?

Since the launch of ChatGPT in late November, an AI chatbot developed by Sam Altman's OpenAI, a frenzy has formed around ChatGPT as well as AI-linked projects and crypto tokens.

Big tech companies a