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Developer of DePIN networks Verida has secured $5 million “to address the growing concerns over user data privacy in the age of Big Tech AI.”
O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng of Mysten Labs participated in the seed investment round. Additionally raised was the $5 million from Verida Storage Credit token community pre-sales.
The funds will support the creation of substitute data storage solutions targeted at internet users who wish to stop their data from being used to teach artificial intelligence.
A Verida official stated in a statement, “Verida is poised to change the AI landscape by putting users back in control of their data, unlocking more secure, privacy-preserving personalized AI for everyone.”
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Verida’s most recent investment round resulted in a valuation of $50 million.
The newly acquired funds will help Verida build her personal data ownership system. With data kept across several nodes controlled by various network participants, the business said Friday in a statement that the network seeks to provide distributed storage and encryption for customers’ personal information.
Concerns around language-learning models’ usage of internet users’ data have grown along with the AI business. Earlier this month, social networking site Meta indicated it intended to leverage the data of its European users to improve the performance of its artificial intelligence models. In response to its privacy policy update, X last year claimed to use the biometric data of its users to train artificial intelligence.
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