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Announcing $25M in total funding to break the data wall with user-owned AI. Excited to have @cbventures onboard, alongside @paradigm (Series A), and @polychain (Seed).— vana (@withvana) September 18, 2024
AI is only as good as its training data. Vana unlocks data from walled gardens through the power of data DAOs. pic.twitter.com/RW5v5KvxRc
This funding includes strategic investments from major players like Coinbase Ventures, Paradigm, and Polychain, along with notable backing from MH Ventures, GSR, and Defiance Capital.
Strategic Investments
Vana’s recent funding round is a testament to its innovative approach to data management and AI development. The company has successfully raised:
$5 million in a Strategic Round with Coinbase Ventures.
$18 million in a Series A Round led by Paradigm.
$2 million in a Seed Round with Polychain.
Additional support came from prominent investors such as MH Ventures, Casey Caruso, Packy McCormick, Manifold, GSR, Will Price, Jez, SCB 10X, Defiance Capital, Contango, Auros Ventures, BoxGroup, and Will Manidis. This diverse investment pool underscores the broad confidence in Vana’s potential.
The funding and strategic partnerships secured by Vana are expected to accelerate its growth and expand its influence in the global market.
What is Vana?
As Vana points out, data today is like oil in today's AI-driven world. However, AI researchers are facing a significant challenge: a shortage of public internet data to train their models.
Vana is tackling this issue head-on by offering a solution that democratizes data ownership and rewards contributors.
Vana’s platform allows users to pool their data through decentralized autonomous organizations (DAOs). This approach aggregates datasets typically confined within the walled gardens of big tech companies, ensuring that contributors are fairly rewarded for their data.
The protocol reportedly turns data into a valuable asset by allowing individuals to own the AI models their data helps create.
Features of Vana
Vana introduces several key features designed to enhance data ownership and utilization:
Data DAOs: Users can pool their data via data DAOs, which are secured by proof of contribution. These DAOs facilitate collective ownership and management of data assets.
Ownership and Rewards: Contributors earn ownership in the AI models they help develop. This model ensures that those providing data benefit directly from its use.
EVM Compatibility: Vana is built on an Ethereum Virtual Machine (EVM)-compatible blockchain, allowing for flexible incentives through dataset-specific and AI model-specific tokens.
Top 16 Data DAOs: The top 16 data DAOs receive a share of emissions, incentivizing high-quality data contributions.
The platform’s developer testnet has already attracted attention, with several leading projects making significant strides.
Among the most notable examples are the Reddit Data DAO, which has attracted 140,000 Reddit users and trained the first user-owned AI model, and the Twitter Data DAO, founded by early Bittensor miners. Additionally, the LinkedIn Data DAO is the first venture-backed project on Vana.
The Reddit Data DAO
It is an alternative to traditional data sales models, in which companies like Reddit may negotiate deals worth millions without compensating data creators. The Reddit Data DAO empowers users to claim their share of the value generated from their data, challenging the conventional Big Tech data paradigm.