The Web3 and artificial intelligence (AI) firm Tensorplex Labs has raised $3 million in initial money to build out the infrastructure for decentralised networks of artificial intelligence.
According to an email from Tensorplex, the round was headed by Canonical Crypto and Collab+Currency and featured participation from well-known cryptocurrency investors like Digital Currency Group (DCG), Quantstamp, and Amber Group.
According to Tensorplex, decentralisation mitigates the risk of tech firms gaining a monopoly on AI and becoming vulnerable to censorship or bias.
“Tensorplex Labs will use the new funds to build novel capital and intelligence infrastructure and applications that aim to accelerate the growth of open, decentralised AI networks such as Bittensor,” the company stated in its press release.
Based on CoinMarketCap data, the native token of Bittensor, TAO, is valued at approximately $623 and has a market capitalization above $4 billion.