- Valory has announced a $4 million seed round led by True Ventures.
- The autonomous systems software developer said will use the funds to help connect centralised services to web3 apps.
- The fundraising also attracted participation from Signature Ventures, Semantic Ventures, Prime Block Ventures, Proof Group and Atka.
Valory has raised $4 million in a seed round led by True Ventures. The fundraising also attracted participation from Signature Ventures, Semantic Ventures, Prime Block Ventures, Proof Group and Atka.
The company said it plans to use the funds to plug the blockchain infrastructure gap between decentralised web3 apps and centralised services.
Valory is headed by a team of scientists, engineers and creatives dedicated to developing world-leading products and services that will bridge the gap between multi-agent systems (MAS) and decentralised ledger technology (DLT).
The company was co-founded by CEO David Minarsch, Chief Research Officer David Galindo and Growth head (pseudonym) Oaksprout the Tan in mid-2021.
Minarsch and his team want to offer web3 builders an ecosystem that they can use to build apps that leverage off-chain protocols.
DLT developers can capitalise on data from centralised information services to build better web3 apps. For instance, one of the biggest stumbling blocks for NFT game makers has been the ability to onboard mainstream gamers to their communities.
Blockchain game makers initially promoted their products under the popular play-to-earn gaming concept, which failed to gain traction in the mainstream. After gathering enough data from web2 marketplaces, they have since changed their catch-phrase into “play-and-earn”, a mechanism that focuses on building fun games.
According to Minarsch, crypto infrastructure has some gaps. “You can either run things on-chain and get all the properties of being decentralized, or run certain actions off-chain, and some things must run off-chain. This causes a lot of fragility,” SiliconANGLE reported citing an interview with the co-founder.
The CEO gave an example where a researcher running a bot to test a system has to rely on external data sources accessed externally from clouds or centralised services.
Valory offers a bot system stack that allows DAOs to build infrastructures quickly for autonomous services created to bridge MAS-DLT gaps.
What we are building here is a truly co-owned future of artificial intelligence, where AI isn’t owned by a few sets of billionaires,” said Minarsch. “Instead, be it individuals, traditional businesses, or even groups of businesses— [they can all] co-own autonomous services and even one day more advanced forms of AI. That’s what we’re here for.”
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