DePIN network developer Verida has raised $5 million "to address the growing concerns over user data privacy in the age of Big Tech AI."
The seed funding round included participation from O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, as well as Gate Labs, HASH CIB, Bison Capital, Amesten Capital and Mysten Labs’ Evan Cheng. The $5 million was also raised through community pre-sales of the Verida Storage Credit token. The capital will fund the development of alternative data storage solutions geared toward internet users who want to prevent their data from being used to train AI.
“Verida is poised to disrupt the AI landscape by putting users back in control of their data, unlocking more secure, privacy-preserving personalized AI for everyone,” a Verida representative said in a statement.The freshly raised capital will develop Verida's personal data ownership infrastructure.
As the AI market grows, so too have concerns about language-learning models’ use of internet users’ data. Earlier this month, social media platform Meta signaled it planned to utilize its European users’ data to enhance its artificial intelligence models’ performance. Meanwhile, X last year said it would tap its users’ biometric data to train AI in an update to its privacy policy. Disclaimer: The Block is an independent media outlet that delivers news, research, and data.
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