SingularityNET and SingularityDAO on Thursday announced that they have secured a $25M (approximately €23.6M) funding commitment from global investment group LDA Capital Limited.
The funding will enable them to accelerate the product roadmap, adopt Artificial Intelligence (AI) tools for decentralised finance (DeFi), and scale the ecosystem.
The announcement comes a couple of months after launching a new decentralised ecosystem project funding programme — Deep Funding. The programme will allocate $1M in AGIX tokens to projects that use the SNET AI platform to publish and monetise their AI applications.
A report by Statista reveals that the global AI software market is expected to grow in the coming years and reach around $126B (approximately €119B) by 2025, while the DeFi market, on the other side, currently stands at $174B (approximately €164B) with no signs of slowing down.
To capitalise on the opportunity, the Amsterdam-based SingularityNET Ecosystem aims to bring AI to blockchain and DeFi, bringing the considerable prospect to improve the quality and relevance of DeFi services.
SingularityNET: What you need to know
Founded by Ben Goertzel and David Hanson, SingularityNET is an open-source Amsterdam-based platform that focuses on bringing AI and blockchain together to create a decentralised marketplace for AI.
The platform lets anyone monetise AI algorithms, allowing companies, organisations, and developers to buy, outsource and sell AI at scale. Sophia, the world’s most expressive robot, is one of the first use cases of the company.
It also eliminates one of the major limiting factors to AI growth today – the lack of interoperability, which restricts the ability to leverage the strengths and capabilities of individual AIs.
SingularityDAO: What you need to know
SingularityDAO is a spin-off project of SingularityNET launched in 2021. It brings DeFi and decentralised AI together in a new framework designed to simplify access to the crypto economy.
It is a democratically governed Decentralised Autonomous Organisation, stewarding a non-custodial smart contract network. They are dedicated to building the future of decentralised finance and delivering these high-level tools in an easy-to-use fashion.
SingularityDAO has created the first decentralised, non-custodial, and dynamically adjusted baskets of tokens – DynaSets.
“SingularityNET and SingularityDAO believe the agreement with LDA Capital will benefit both companies and help them consolidate their leadership in Decentralised AI and Decentralised Finance. The support of pioneering institutional partners such as LDA brings further validation to our vision, strategy, and technology,” says Mario Casiraghi, Co-Founder, SingularityDAO & SingularityNET.
LDA Capital
Based out of Los Angeles, LDA Capital is a global alternative investment group with expertise in cross-border transactions worldwide. To date, the company has collectively executed over 250 transactions in both the public and private middle markets across 43 countries with aggregate transaction values of over $10B (approximately €9.45B). A few days back, the investment group invested €20M in Italian accelerator Enry’s Island.
“LDA Capital are excited by the advancements in both AI and DeFi shown by the SNET ecosystem and along with the commitment, LDA will be providing strategic advice and support to allow SingularityNET and SingularityDAO to continue to grow their position as industry leaders,” says Anthony Romano, Managing Partner, LDA Capital Ltd.