OpenAI · Coinbase · ChatGPT · The Block
Launched over two years ago, Venice AI positions itself as a private and uncensored alternative to OpenAI's ChatGPT
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Venice says it does not store users' prompts on its own systems and encrypts user requests before routing them through an external proxy.
Key facts
- Investors must pay Venice about $66.5 million if they exercise those warrants, which would increase the total capital raised to about $131.5 million
- Venice AI, the privacy-focused artificial intelligence startup founded by crypto entrepreneur Erik Voorhees, has raised $65 million in a Series A funding round
- Each DIEM provides $1 worth of API credit on the Venice platform that never expires or changes value
- We don't want to sell the token," Voorhees said, noting that Venice remains the largest holder of (VVV), owning more than 30 million tokens out of today's over 80 million supply
Summary
Venice AI, the privacy-focused artificial intelligence startup founded by crypto entrepreneur Erik Voorhees, has raised $65 million in a Series A funding round. Dragonfly led the round, with participation from North Island Ventures, Coinbase Ventures, F-Prime, Archetype, Liquid2 Ventures, Morgan Creek and others, Venice said Wednesday. In return for the $65 million investment, Series A investors received an 8.98% equity stake in Venice AI, a vesting grant of 1.5 million Venice (VVV) tokens, and warrants giving them the right to purchase another 5 million VVV tokens during the next eight years, Voorhees said. Investors must pay Venice about $66.5 million if they exercise those warrants, which would increase the total capital raised to about $131.5 million. Launched over two years ago, Venice AI positions itself as a private and uncensored alternative to OpenAI's ChatGPT.