AI platform Eidon secures $3.5M in seed funding, with Framework Ventures taking the lead.
In a significant move for the Web3 AI sector, Eidon, a pioneering startup, has announced the successful completion of a $3.5 million seed funding round. The investment was led by Framework Ventures, with Cayman Islands-based Cyber.Fund also joining the round. This funding comes amidst a bullish crypto market, where all major cryptocurrencies are witnessing significant gains.
Eidon is developing a decentralized artificial intelligence network that allows users to contribute data, compute, storage, code, models, and more. The network, now live after its initial launch on Tuesday, aims to revolutionize the way AI models are trained by incorporating diverse data points, such as fine hand motions and object interactions.
The funds raised will be used to lay the foundation for what Eidon will become, starting with data. The company's end goal is to build a fully integrated decentralized AI network. To encourage data sharing, Eidon's platform incentivizes users by ensuring that all value generated by the models created in the network trickles back to all contributors.
Eidon's entry into the Web3 AI landscape follows a trend of growing investment in this sector. Other startups like Space and Time, YeagerAI, and Hyperbolic have also raised funds this year. The surge in funding indicates a growing interest in the intersection of blockchain technology and artificial intelligence, with many Web3 VC firms focusing on such investments.
The positive reaction from the crypto community to the U.S. presidential election outcome may have also contributed to the strong fundraising activity seen in October. As Eidon continues to build its decentralized AI network, it will be interesting to see how it evolves and what innovative solutions it brings to the table.
The successful $3.5 million seed funding raised by Eidon will facilitate the development of their Decentralized Artificial Intelligence network, which is now live, on Web3 tech. This network aims to revolutionize AI model training by incorporating diverse data points, spurring further growth in the intersection of blockchain technology, AI, and News.
With the announced investment, Eidon has joined other Web3 AI startups like Space and Time, YeagerAI, and Hyperbolic in attracting funding this year, with artificial-intelligence-focused venture capital firms increasingly focusing on technology investments in the community. Given the community's positive response to recent events, this ongoing trend in funding might continue shaping the future of the Web3 AI sector.
