Modulus Labs secures funding of $6.3 million || Web3 O’clock

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Modulus Labs' recent funding triumph highlights the increasing enthusiasm and investment in the convergence of AI and blockchain technology. Through the incorporation of ZK cryptography, the company is poised to transform the landscape of AI integration in blockchain applications. Th

In recent developments, Modulus Labs, an Artificial Intelligence (AI) startup distinguished for its focus on the seamless integration of AI and cryptographic security, has successfully secured a substantial $6.3 million in seed funding. This announcement has resonated within the tech and crypto communities, representing a significant stride toward bolstering AI security. In this blog post, we will delve into the company's background, its innovative approach, and the implications of its recent financial backing.

Company Overview Founded by Daniel Shorr, Modulus Labs is a trailblazing venture that merges AI and blockchain technology to elevate the levels of security and scalability for AI models. The company's primary objective is to cater to smart contract developers and on-chain services aiming to incorporate AI into their projects. An overarching challenge they address is the historical trade-off between AI integration and blockchain security, with Modulus Labs aspiring to redefine this dynamic.

Funding Details The $6.3 million in seed funding garnered by Modulus Labs underscores the enthusiasm and potential surrounding the venture. The funding round was spearheaded by prominent crypto investors and received support from crypto venture funds Variant and 1kx. Additionally, noteworthy angel investors, including Ethereum Foundation, Worldcoin, Polygon, Solana, and Microsoft, have expressed confidence in the project. This financial injection is poised to play a pivotal role in advancing Modulus Labs' mission to seamlessly integrate AI and blockchain.

Integration of ZK Proofs for AI Models Modulus Labs employs the intriguing technology of zero-knowledge proofs (ZK-proofs) to address the challenges associated with merging AI and blockchain. With the newly acquired funding, the company plans to further enhance its Modulus product, specifically targeting smart contract developers and on-chain services. The application of ZK cryptography to AI allows for the verification of an AI model's correct execution, ensuring its intended functionality. This verification process occurs on-chain, delivering security equivalent to that of a blockchain at a significantly reduced cost. This advancement has the potential to revolutionize the integration of AI into blockchain-based applications.

AI and Blockchain Convergence Modulus Labs stands at the forefront of bridging the gap between artificial intelligence and blockchain, enabling the creation of advanced decentralized protocols with minimal human intervention. Their innovation extends to the realm of Non-Fungible Tokens (NFTs) with the introduction of the Upshot platform, leveraging AI to provide real-time and accurate NFT prices. The fusion of AI capabilities with blockchain security represents a unique and potent combination.

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