Quick take:
- The seed round brings the total raised to $12.5 million.
- Raiinmaker also announced plans to launch in mainnet this April, with the launch of its native token COIIN following shortly after.
- The company’s platform enables users to train AI agents and receive rewards on mobile phones.
Raiinmaker, a Web3 infrastructure platform that offers AI training tools via iOS and Android phones has closed a $7.5 million funding round co-led by Jump Capital and Cypher Capital. The seed round also attracted participation from Gate.io Labs, MEXC Global, Krypital Group, Launchpool, New Tribe Capital and others.
According to CrunchBase data, Raiinmaker has now raised $12.5 million following a $5 million fundraising announced in October 2021.
The company’s decentralised AI training tools enable users to train AI agents and receive rewards via mobile phones. The rewards are credited to their accounts depending on their proportionate impact on AI models.
This announcement comes ahead of Raiinmaker’s planned mainnet launch scheduled to take place this April. The company also plans to launch its native token COIIN shortly after.
Commenting on the announcement, Raiinmaker Founder and CEO J.D. Seraphine told The Block: “There’s a perfect confluence of events occurring right now with the collision of decentralised AI, a performant blockchain infrastructure and the crypto market bull run. Our team has been building for years to get here and we are excited that our moment has finally arrived.”
Artificial Intelligence has emerged as one of the rapidly growing segments of the blockchain industry. Last month, Lightspeed Faction co-led a $6 million funding round for another AI training firm FLock, which uses a hybrid model blending machine learning and sponsored training tasks to reward creators.
Raiinmaker believes its technology can be used in sports, gaming and entertainment. And this line of thinking isn’t far from what Bitkraft Ventures, a venture capital firm heavily investing in the gaming industry thinks.
Bitkraft’s founding general partner, Jens Hilgers on Wednesday following his company’s announcement of its $275 million third fund, said AI can make the production of games easier, thus reducing the capital required to build new games and accelerating the time to market.
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