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Allora, A Decentralized AI Network, Raises $3 Million Ahead of Mainnet Launch


Decentralized AI Network

June 24, 2024


Allora Labs, previously known as Upshot and initially focused on NFT evaluations, has secured $3 million in a strategic funding round in anticipation of the mainnet launch of its decentralized AI network.


The funding round, which began in March and concluded earlier this month, saw contributions from investors such as Archetype, Delphi Ventures, CMS Holdings, ID Theory, and DCF God. The company's co-founder and CEO, Nick Emmons, revealed that the round was structured as an equity round, similar to all previous rounds for Allora. Emmons chose not to disclose the company's valuation.

Project

Latest Raise

Latest Raise Date

Stage

Total Raise

Category

Allora

$3M

June 24, 2024

Strategic Round

$35M

AI

Under the Upshot brand, Allora had previously amassed a total of $32 million in funding while it was developing an NFT evaluation platform. Its most recent funding round was a Series A2 round in March 2022, which raised $23.3 million and was led by Polychain Capital, as stated by Emmons. Prior to that, it had raised two rounds - a Series A round of $7.5 million in March 2021 and a pre-seed round of $1.25 million in February 2020, bringing its total funding to date to $35 million.


In February of this year, Upshot underwent a rebranding to become Allora and shifted its focus from an NFT evaluation platform to a decentralized AI network. Emmons explained the pivot, stating that NFT evaluations were always intended to be just a starting point for leveraging AI and DeFi to construct a more efficient and expressive financial infrastructure.


About Allora

Allora Network, a decentralized AI network, is constructed as a Layer 1 blockchain on the Cosmos stack. According to Emmons, its goal is to address a core issue in current AI, referred to as siloed machine intelligence.


In the present scenario, machine learning models function independently and struggle to learn from each other. Emmons added that Allora's objective is to establish a setting where these models can work together to optimize common objectives, thereby improving their efficiency and precision. This approach greatly enhances the quality of AI and accelerates its rate of improvement.


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Allora Decentralized AI Network

About Investor

The funding round saw contributions from investors such as Archetype, Delphi Ventures, CMS Holdings, ID Theory, and DCF God


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A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.

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