Quick take:
- Bluwhale has completed a $7 million seed round led by SBI Holdings.
- SBI Ven Capital and SBI Decima Fund invested in the round with participation from Cardano, Momentum6, Primal Capital, NxGen and others.
- Bluwhale is in open beta and has already signed over 180 companies to its AI platform.
Bluwhale has secured a $7 million seed round led by SBI Hldings’ SBI Ven Capital and SBI Decima Fund. The fundraising also attracted participation from Cardano, Momentum6, Primal Capital, NxGen, Ghaf Capital Partners, Spyre Capital, Baselayer Capital, Gumi Cryptos, Animoca Japan, MZ Crypto, Sygnum Bank and Azimut Investment Management.
Haseeb Qureshi, Managing Partner at Dragonfly, Charles Huang of Guitar Hero, and Oculus funder Jack McCauley joined as angel investors.
Bluwhale is building a SocialFi platform that leverages artificial intelligence to connect companies with Web3 wallet holders. The company claims its ability to link decentralised apps directly to their target audience and prospective users helps them optimise their marketing expenditures.
Commenting on the fundraising Han Jin, CEO of Bluwhale said in a statement: “For nearly two decades, online platforms have profiled and targeted users without their consent. Companies have poured billions of dollars into Google, Facebook, TikTok, and similar platforms to target and mass-advertise to consumers.”
According to Jin, Bluwhale aims to address this ‘compensation’ gap by allowing wallet holders to take control of their digital profile and “decide if they want to receive communications, while at the same time taking a majority share of the outreach spending.”
The company has already signed up 180 companies to its AI platform, which is currently in open beta, also indexing over 270 million wallets.
According to Bluwhale, its platform allows companies to easily connect with a wallet owner “through secure, on-chain, and dynamically priced messages, thus “transforming digital communication into a market-like incentive system.” Wallet owners are then rewarded based on their popularity, the company said.
“To claim rewards on their public on-chain profile, individuals simply need to connect one of their wallets and verify their identity through social media.”
Prices for messages begin at low rates and then rise based on the change in the wallet’s value. The wallet value is derived from multiple factors including inbound demand, enhanced profile appeal, and greater liquidity, among other metrics.
Kevin Low, SVP at SBI Ven Capital, which led the round commented: “Bluwhale pioneers a transformative shift in the data landscape, democratizing user data and endowing users with unprecedented control over their digital profiles through the integration of AI and Blockchain technology.”
According to Low, Bluwhale is helping revolutionise digital engagement and championing data ownership while fostering enhanced business connectivity.
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