Web3 artificial intelligence (AI) has raised $11 million in a pre-series A funding round. The company raised the funds with the support of top names in the crypto space such as Dragonfly, Nascent, OKX Ventures and others.
Other investors are Delphi Ventures, Bankless Ventures, Maven11 Capital, Nascent, Nomad Capital and OKX Ventures, MyShell said Wednesday.
Also notable are the angel investors participating in the round, which include former Coinbase CTO Balaji Srinivasan, NEAR Protocol co-founder Illia Polosukhin, former Paradigm investment partner Casey Caruso and former Parafi partner Santiago Santos.
The fundraising round has been on since November last year and closed last month, according to MyShell CEO Ethan Sun. He further stated that the round was also structured as equity with token warrants, just, just like its seed round.
Commenting on the fund raising round in a statement, managing partner at Dragonfly, Haseeb Qureshi said that MyShell is breaking new grounds in the AI space.
“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,” he added.
About MyShell
MyShell is an AI platform that allows creators to build AI agents or bots like PROFIT REX that consumers or users can use to improve their trading and maximize profits while minimizing losses.
It is currently a multichain platform, available on Polygon and opBNB, plans to launch its own customized Layer 2 “soon this year,” according to Sun.
“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,” he said.
Launched last year, the platform claims to have about 50,000 creators and over 1 million registered users. Some of its products include bots like OpenVoice, an instant voice cloning program; MeloTTS, a multilingual text-to-speech (TTS) library; and Alice, an AI agent that performs various tasks, including thematic research, coding and literature review.
This places the platform ahead of its contemporaries as AI is the technology that currently drives the globe, including the world of crypto and web3.
Plans to Launch Token
MyShell is set to accomplish another feat by launching its own token. As part of this goal, the platform currently offers points and plans to introduce token rewards for both creators and consumers.
According to Sun, “Points will be an important factor for a token airdrop,” and creators will be able to receive the token after the launch, and when their AI agents gain traction. He also added that consumers can stake tokens on top of AI agents to generate income.
