Wynd Network raises $3.5 million from Polychain, Tribe, and others for decentralized AI
Polychain Capital and Tribe Capital seeded Grass, a decentralized web scraping network for AI model building, with $3.5 million.
Wynd Network’s seed round included Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik. No Limit Holdings leads the December 2022 pre-seed.
Wynd Network’s browser plugin Grass scrapes the web with users’ idle bandwidth and awards them with Grass Points. Wynd offers scraped web data to AI developers and other firms.
Investors are interested in identifying similarities between blockchain innovation and AI research, as shown by the company’s approach.
AI algorithms use massive volumes of website data for training. Common Crawl acquired petabytes of data between 2016 and 2019 to train ChatGPT’s basic model.
Chris Nguyen, Wynd Network’s chief technology officer, says some online scrapers have encountered websites blocking data center IP addresses or falsifying data to prevent competition.
Nguyen said Grass may overcome these obstacles by employing personal browsers. Wynd does not access user data, as Nguyen stated.
Running the addon and recommending users earns Grass Points. This technique has sparked public speculation about a future coin, reflecting decentralized protocol users’ desires.
Wynd also uses blockchain to validate scraped data sources.
Nguyen believed special interests might bribe online scrapers to influence off-chain models. Wynd can validate scraped data without putting much on-chain, he claimed.
“No blockchain can support a fraction of the data needed to train an AI. However, we may cryptographically connect a data set to the request. Nguyen stated he just needed to submit a Merkle root on-chain to request.
Nguyen said Wynd is in negotiations with two open-source AI businesses and other companies.
Recently, AI-crypto application cases have garnered investor interest. Decentralized AI developer Ritual raised $25 million. AI was included on VC giant A16Z Crypto’s 2024 major ideas list.
Founder of crypto investment fund Dao5 Tekin Salimi agreed.
Salimi: “I think investor sentiment is generally very bullish around crypto and AI. Salimi noted that the recent performance of notable AI tokens like Render (RNDR) and Bittensor (TAO) and the expectation of AI being a big market force are pushing investors to AI-crypto businesses.