Fast take:
Three former Robinhood workers Yuchen Jiang, Kevin Lin and Chen Chen teamed as much as begin constructing OpenLayer in 2023.
OpenLayer allows customers to earn factors by contributing and validating information by way of a Chrome extension.
App builders can then entry the information and use it for coaching AI fashions and person focusing on amongst different options upon receiving consent from customers.
OpenLayer, a Web3 startup based by former Robinhood workers has raised $5 million in a seed spherical backed by a16z Crypto Startup Accelerator (CSX), Geometry, IOSG Ventures, Spartan Group and LongHash Ventures.
The fundraising additionally attracted participation from undisclosed angel traders from EigenLayer, AltLayer, Puffer Finance and Sei Community, The Block reported.
Yuchen Jiang, co-founder of OpenLayer mentioned the fundraising was structured as a easy settlement for future fairness (SAFE).
The previous senior software program engineer and tech lead at Robinhood co-founded OpenLayer in 2023 along with his colleagues, Kevin Yin who was a senior product supervisor on the fintech firm and Chen Chen, who was an engineering supervisor.
In accordance with Jiang, the inspiration to construct OpenLayer got here from the present standing of the AI trade with tech giants controlling the entry to information.
His firm is creating a Chrome extension that allows customers to earn factors by contributing and validating information. App builders can then entry the information and use it for coaching AI fashions and person focusing on amongst different options upon receiving consent from customers.
“Regardless of blockchain expertise disrupting information silos on-chain, essential information stays hidden contained in the walled gardens of web2 web sites, remaining onerous to succeed in,” Jiang mentioned. “For instance, new social platforms battle to compete and bootstrap person expertise with out entry to customers’ previous historical past on current platforms. AI brokers lack complete perception into customers’ habits, hindering their means to supply actually customized companies.”
In accordance with Jiang over a dozen corporations unfold throughout social networking, gaming and AI sectors are already utilizing OpenLayer to achieve entry to verified information.
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