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Ora, Aiming to 'Unlock Design Space for AI Dapps,' Raises $20M
The blockchain project, founded in 2022, aims to incorporate AI into decentralized applications with its "on-chain AI oracle."
Updated Jun 26, 2024, 3:22 p.m. Published Jun 26, 2024, 3:00 p.m.
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Ora, a blockchain project to incorporate AI into decentralized applications (dapps), said it raised $20 million in funding from investors including Polychain, HF0 and Hashkey Capital.
The fresh funds will allow the project "to continue developing its technology and infrastructure for tokenizing AI models and bringing decentralized AI to the Ethereum ecosystem," according to a press release.
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Ora, founded in 2022 and describing itself as a "verifiable oracle protocol," provides developers with tools needed to build end-to-end trustless and decentralized applications that rely on AI, its project documentation states. An oracle supplies real-world information such as prices, temperatures and other data to a blockchain.
"Their Optimistic Machine Learning (opML) technology is the foundational mechanism behind their revolutionary product, opp/ai," according to the press release. "Through optimistic systems and zero-knowledge technology, it will provide secure and efficient on-chain machine learning with privacy-preserving features."
Ora also offers what it calls "initial model offering," or IMO, where ownership of open-source AI models can be tokenized.
Kartin Wong, a co-founder of Ora, said in the statement that the project could "unlock the design space for AI dapps."
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