Web3 infrastructure company 0G Labs has announced the successful completion of a $35 million pre-seed funding round. Over 40 crypto-native institutions, including Hack VC and Stanford Builders Fund, participated in the round, according to a press release from 0G Labs. The funding will be used to realize 0G Labs’ vision of creating a comprehensive blockchain-based solution for training, deploying, and operating artificial intelligence models. The press release highlights the platform’s speed advantage over existing solutions like Ethereum’s smart contract network.
Ed Roman, Managing Partner at Hack V, commended 0G Labs as a trailblazer in the field of on-chain generative AI infrastructure. Pre-seeding rounds are typically the first funding round that a startup receives. This $35 million round is one of the largest initial startup funds for a company operating at the intersection of Web3 and artificial intelligence (AI). By comparison, OpenAI, the company behind ChatGPT and Dall-E, raised $120,000 in its pre-seed round on August 22, 2016. Since then, OpenAI’s generative AI technology has propelled its valuation to approximately $80 billion as of February 2024.
0G Labs’ website reveals that one of its developing products is called “Uni-Chain.” According to the site, Uni-Chain is a Web3 architecture that seamlessly connects networks, creating a unified metaverse where users can transact with other users and services on any chain using a single wallet. The site emphasizes that their modular technology will enable frictionless interoperability between chains while ensuring security, eliminating fragmentation, and maximizing connectivity for a weightless and open meta-universe.