VCs back AI-focused blockchain team building internet-connected smart contracts

Quick Take

  • YeagerAI, the development team behind the decentralized AI network GenLayer, closed a $7.5 million seed round led by North Island Ventures.
  • GenLayer uses non-deterministic smart contracts and a bespoke delegated proof-of-stake algorithm to enable new types of applications that interact with real-time information.

YeagerAI, the development company behind the decentralized artificial intelligence network GenLayer, has closed a $7.5 million seed round.

North Island Ventures led the raise with participation from venture capitalists including Node Capital, Arrington Capital, ZK Ventures, WAGMI Ventures, BlockBuilders, Arthur Hayes’s family office Maelstrom, among others, and multiple angel investors.

The YeagerAI team is pioneering a technological scheme called " intelligent contracts,"or blockchain-based systems that tap large language models connected to the internet to execute functions.

“Some of the core limitations the industry faces stem from the need for humans in the loop and lack of access to real-world data,” Node Capital partner Amos Meiri said in a press release.

Describing some of the new tools unlocked by merging AI and blockchain, GenLayer co-founder Albert Castellana described enabling “consensus on subjective decisions.” Today’s blockchains rely on deterministic computation, meaning that given a specific input, a smart contract will always produce the same output.

Being able to respond to external information online will enable developers to build applications that adjust to changing situations like financial markets, the weather and news events.

GenLayer also leverages AI in its bespoke delegated proof-of-stake algorithm, which randomly selects a lead validator to propose an output that is then voted on by four other validators connected to different LLMs. If the subjective output receives majority support, the transaction is processed.


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© 2024 The Block. 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.

About Author

Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.

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