Inference Labs Secures $2.3M to Propel AI Decentralization


Bengaluru, India, Monday, May 13, 2024 – A Web3 protocol developer, Inference Labs, announced it has secured $2.3 million in pre-seed funding to develop a decentralized verification network for artificial intelligence (AI).1

Inference Labs, based in Bengaluru, India, is a company specializing in AI-powered data engineering, computer vision, and predictive analytics. It has over 50 international clients and a track record of 100 successful projects.

The funding round was led by Digital Asset Capital Management, Delphi Ventures and Mechanism Capital. It also attracted investment from a variety of other firms interested in Web3 and AI development.

Inference Labs says the funds will be used to build a network utilizing “zero-knowledge verification with Proof-of-Inference” for AI.

This technology aims to create a more transparent and secure environment for AI applications, while also promoting decentralization.

Proof of inference is a specific term that refers to a custom solution for the project by Inference Labs, rather than a widely established concept.  Inference Labs says it will be used with “Zzero-Knowledge Verification,” which suggests it’s a method for verifying the computations of an AI model without revealing all the underlying data.

This aligns with the goals of transparency and security for AI applications.

Concerns are growing around the potential for AI to be monopolized and manipulated by large tech companies. Inference Labs believes a decentralized approach can foster a more “equitable” and inclusive future for AI.

This investment highlights the ongoing interest in leveraging Web3 technology to decentralize various industries, including AI development.

“The round was led by Digital Asset Capital Management, Delphi Ventures & Mechanism Capital, with participation from Big Brain Holdings, BitScale Capital, Edessa Capital, ID Theory, Metropolis DAO, Mozaik Capital, Newman Capital, Seed Club Ventures, Jason Morton (founder of zkonduit & EZKL), Santiago R Santos, Omar Shakeeb (founder of SecondLane), DeFi Dad, and many others,” FINSMES said I its website. 2

Sources
  1. twitter.com: https://twitter.com/inference_labs/status/1779860939308679263?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1779860939308679263%7Ctwgr%5Effbdd73cfd49ea2e98e8199dc27a586ef757f5bf%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fweb3-protocol-receives-23m-boost-to-decentralize-ai[↩]
  2. finsmes.com: https://www.finsmes.com/2024/04/inference-labs-raises-2-3m-in-pre-seed-funding.html[↩]
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