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Home»ADOPTION NEWS»Verida raises $5 million to protect user data as generative AI grows.
ADOPTION NEWS

Verida raises $5 million to protect user data as generative AI grows.

By Crypto FlexsJune 21, 20243 Mins Read
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Verida raises  million to protect user data as generative AI grows.
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The Block • June 21, 2024, 5:34 PM EDT

Posted 1 minute ago In ~

DePIN network developer Verida raises $5 million.o Addresses growing concerns about user data privacy in the era of Big Tech AI.”

The seed funding round saw participation from O-DE Capital Partners, ChaiTech Ventures, and Simurg Labs, as well as Evan Cheng from Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Mysten Labs. $5 million was also raised through this. Community pre-sale of Verida Storage Credit tokens.

This capital will fund the development of alternative data storage solutions for internet users who want to prevent their data from being used to train AI.

“Verida is ready to shake up the AI ​​landscape by putting users back in control of their data and deliver personalized AI that is more secure and privacy-preserving for everyone,” Verida officials said in a statement. .

Verida’s latest funding round increased its valuation to $50 million.

The newly raised capital will develop Verida’s personal data ownership infrastructure. The network aims to provide decentralized storage and encryption of users’ personal information, with data stored across numerous nodes managed by various network participants, the company said in a statement Friday.

As the AI ​​market grows, so do concerns about language learning models using data from internet users. Earlier this month, social media platform Meta revealed plans to leverage data from European users to improve the performance of its artificial intelligence models. Meanwhile, X (formerly Twitter) said in a privacy policy update last year that it would leverage users’ biometric data to train AI.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, crypto, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. Follow her on X: @LizKNapolitano

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