Binance Labs, among other prominent investors, backed Sahara AI, a decentralized artificial intelligence (AI) company. This funding will help the firm expand its global reach, bolster its platform’s performance, and strengthen its developer ecosystem.
Sahara AI has already formed key partnerships with major tech companies like Microsoft, Amazon, and Snap. This is impressive given that the company only launched in April 2023.
Binance Labs Backed Sahara AI in Series A Funding
Alongside Binance Labs, Sahara AI also received investments from venture capitalists like Pantera Capital and Polychain Capital. Others include Samsung NEXT, Matrix Partners, dao5, and Geekcartel. Ultimately, the firm, which integrates blockchain and AI, raised $43 million in its Series A funding round.
“I think I have never seen such a bullish funding lineup,” one user on X (formerly Twitter) expressed.
These partnerships highlight the promise of Sahara AI’s technology in tackling challenges across different industries. The company is focused on addressing complex copyright and privacy concerns tied to AI — a growing issue in the field. By integrating blockchain, Sahara AI taps into decentralized tech to stay ahead as the industry matures.
“Our partnership with Sahara AI aims to harness blockchain and AI to create secure, transparent, and innovative decentralized AI platforms. We look forward to seeing more Crypto x AI projects utilize tokenomics to create sustainable revenue streams and equitable economic distribution, which will democratize AI access and drive technological progress,” Binance Labs spokesperson told BeInCrypto.
Read more: How To Fund Innovation: A Guide to Web3 Grants
With Binance Labs leading the funding round, the investment signifies the firm’s confidence in Sahara AI’s vision and capabilities. It signals a broader recognition of the immense opportunities presented by decentralized AI solutions.
“Decentralization of global computing power is the way forward, both in terms of energy efficiency and being censorship-resistant. It adheres to community governance principles to prevent censorship, and spreads energy consumption amongst millions of users to democratize the development of AI, whereas currently only big companies can afford the cost of electricity to run AI models for themselves,” Alberto Fernandez, Qubic Europe Representative, shared with BeInCrypto.
Binance Labs, the investment arm of leading cryptocurrency exchange Binance, has been actively supporting blockchain projects. One such project is Solayer, one of the prominent restaking projects on the Solana (SOL) network. Like with Sahara AI, this backing will help Solayer strengthen its position within the Solana blockchain ecosystem.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
The firm also invested in the decentralized exchange Rango and recruited three new crypto projects, Aarc, FluxLayer, and TonTon Games, for its training program. These strategic investments align with Binance Labs’ commitment to nurturing disruptive technologies. The interest is in projects that can potentially drive major advancements in the industry.
Binance Labs’ investments go beyond financial backing and expanding its portfolio. They reflect the company’s determination to lead the intersection of blockchain and AI — two of today’s most transformative technologies.
“The synergy between blockchain and AI will play a pivotal role in shaping the future of decentralized platforms. Blockchain’s transparency and security fosters trust in AI-driven ecosystems, while AI enhances automation and intelligence. This combination accelerates global collaboration and innovation, facilitating the sharing of AI models and data. Blockchain’s distributed nature also offers scalable infrastructure, boosting the efficiency and reliability of AI services,” Binance Labs spokesperson added.
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