Quick take:
- The company claims its platform has already attracted over 50,000 creators and more than 1 million registered users.
- Other venture firms joining the round include Delphi Ventures, Bankless Ventures, Maven11 Capital, Nascent, Nomad Capital and OKX Ventures.
- The fundraising was executed using a structured agreement for future equity with token warrants.
MyShell a platform used by creators to to build artificial intelligence agents and bots has completed an $11 million pre-Series A round led by Dragonfly. Other Web3 venture firms joining the round include Delphi Ventures, Bankless Ventures, Maven11 Capital, Nascent, Nomad Capital and OKX Ventures.
Former Coinbase CTO and founder of Balaji Funds – Balaji Srinivasan, NEAR Protocol co-founder Illia Polosukhin, Casey Caruso – previously of Paradigm and former Santiago Santos (ex-Parafi) also joined the round as angel investors.
According to the announcement, MyShell executed the fundraising via a structured agreement for future equity (SAFE) with token warrants.
MyShell is building a Web3 AI platform where creators can build artificial intelligence agents and bots that can be used by consumers to create different types of content including voice cloning programs and text-to-speech bots.
The platform boasts over 50,000 creators and more than a million registered users, MyShell CEO Ethan Sun told The Block.
Commenting on his company’s leading role in the fundraising, Haseeb Qureshi, managing partner at Dragonfly, said in a statement: “The demand for personalized AI experiences has grown explosively in the last year, but right now, most of those experiences are centralized with gatekeepers. MyShell uses crypto and decentralization to put the power over the AI ecosystem back into the hands of users.”
The platform currently rewards users via a point-based system but Sun said plans are underway to introduce token rewards. “Points will be an important factor for a token airdrop,” he said. Creators receive tokens when their bots gain traction, while consumers can generate income by staking tokens on various AI agents.
The platform currently supports Polygon and opBNB chains, but there are plans to launch its own customised Layer-2 in 2024.
“The general approach and idea is that we don’t want to commit to a single ecosystem, and as we have more creators and developers in our community, we will focus more on our customized L2,” Sun said.
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