Cryptocurrency-based AI platform imgnAI closed a $1.6 million seed funding round led by Hack VC. Rana Capital, Selini Capital, West Ham Capital, Motus Capital and dao5 also participated in the round, but their valuation was not disclosed.
According to the website, the image creation bot platform launched in late 2022 and uses imgnAI crypto tokens to unlock premium features and create images directly as NFTs. Tokens used for such functions will be burned, reducing the total supply.
“imgnAI combines user-friendly consumer AI products with powerful tools to foster an enjoyable creative loop for artists of all skill levels,” Hack VC partner Roshun Patel said in a statement. “The added crypto-native and social features round out imgnAI as a compelling contender at the intersection of art, crypto, and AI.”
Launch of ‘Digital Companion’
The project said the funds will be used to increase imgnAI’s infrastructure capacity, accelerate product development and expand marketing efforts. It also plans to use the capital to support the launch of a “digital companion” product called “Naifu”, designed to deliver high-performance text and image responses with greater creative freedom compared to Web2 alternatives.
“Our goal is to build a product that supports freedom and fun while embracing the next generation of cryptocurrency users,” said Thelema, co-founder and CEO of imgnAI.
imgnAI claims that its flagship image creation product, Nai, has been installed in more than 23,000 Telegram groups and 87,000 Discord servers, and that the platform, along with its web app, has thousands of daily active users.
imgnAI is one of several projects seeking to leverage the integration of AI and cryptocurrency. On Tuesday, Bagel Network, a decentralized data platform aimed at powering machine learning models, raised $3.1 million in a pre-seed round led by CoinFund.
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