Venice AI announced the completion of the first round of external financing, which amounted to $65 million, with a post-investment valuation of $1 billion. According to the company, the financing was led by Dragonfly, North Island Ventures, Coinbase Ventures, Archerpe, Liquid2 Ventures and Morgan Creek.
Venice AI came online in May 2024, and positioning is an AI chat tool for private scenes. Unlike mainstream chat robots, this company does not store user conversations on central servers and provides multiple open-source and proprietary model access through a unified interface and API.
The company says the user is over 3 million.
The company disclosed that the platform had reached over 3 million users in April of this year and had made a profit in the first quarter of the year. The founder, Erik Voorhees, wrote on platform X that the round of finance represented the market's endorsement of its “private, non-over-censorship” direction of AI products.
Voorhees, also a veteran in the encryption industry, has established the ShapeShift Exchange. He said that the current issue for the AI industry was more alarming, not that of modelling capacity per se, but of centralized monitoring around user data, dialogue content and behavioural trajectories.
Funding will be used to expand the platform
According to the company, the new funds will be used to expand the capacity of the Venice platform, continue to improve the product interface and enhance user access to different models. Voorhees also indicated that the company wanted to promote a product route that placed greater emphasis on privacy and freedom of expression around people ' s interaction with AI.
In his view, AI tools were becoming increasingly involved in the process of personal expression, reflection and information processing, so whether the platform preserved dialogue and centralized access control was becoming an important part of the competition for industry.
The token VVVV announces the reduction arrangements
Following the release of the financing message, the original VVVD of Venice AI went up. According to CoinGecko, the VVV had increased by about 11 per cent 24 hours to $13.74 as of the time of issue.
On the same day, the platform also revised the annual VVV distribution downwards to 3 million. The token is allocated to the pledge VVV to support the network holder. The slow pace of distribution means that new supply flows are reduced each year.
Additional information:In Washington, D.C., too, the issue of AI privacy has recently been under constant attention. Reports indicate that a bill was introduced earlier this year requiring the Government to obtain a search warrant when using AI auxiliary surveillance; at the same time, the FBI is expanding the use of AI in investigations, threat analysis and face recognition.