Verida, a developer of decentralized personal information networks (DePIN), has secured $5 million in funding to address increasing concerns about user data privacy in the era of artificial intelligence (AI). The company’s primary objective is to provide internet users with alternative data storage solutions that prevent their data from being exploited for training AI models.
The funding round saw participation from a diverse group of investors, including O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Mysten Labs’ Evan Cheng. In addition to this funding, Verida’s valuation reached $50 million with the support of community pre-sales of its Storage Credit token.
Verida will utilize the funds to further develop its infrastructure for personal data ownership. The company’s network focuses on decentralized storage and encryption of users’ personal information. Through the distribution of data across multiple nodes managed by different network participants, Verida ensures that users retain control over their own data. This approach aims to disrupt the current AI landscape by providing more secure and privacy-centric personalized AI solutions.
Verida’s mission is driven by the growing concerns surrounding the use of internet users’ data by language-learning models. As the AI market expands, the need for secure data storage becomes increasingly critical. Recent announcements by Meta and X (formerly Twitter) regarding the utilization of user data to improve AI models highlight the relevance of Verida’s initiative.
By leveraging decentralized storage and encryption technologies, Verida empowers users to maintain ownership and control over their personal information. This not only enhances data privacy but also facilitates the development of more secure and personalized AI applications.
Moreover, Verida’s approach may set the standard for data privacy in the AI sector. The company is committed to promoting decentralized storage to minimize the risks associated with centralized storage facilities, ensuring a more secure environment where data leakage and unauthorized access to personal information are effectively mitigated.
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