Web3 AI firm Network3 raises $5 million in funding

The web3 artificial intelligence firm Network3 raised $5 million in pre-seed and seed funding. 

EV3, IoTeX Eco fund, SNZ, Waterdrip Capital and Bing Ventures participated in the round. There was no lead investor, and the firm's board of directors will not change, Network3 founder Rock Zhang told The Block. The fundraise comprises Network3's total funding to date. 

Network3 is building out a decentralized AI infrastructure that distributes tasks across numerous devices, reducing latency while prioritizing privacy. The firm plans to use its fundraise to grow its team and continue developing its tech stack.

"We are building a decentralized Edge AI infrastructure, including the tech mentioned in our white paper," Zhang told The Block. "We currently have 240,000 live nodes worldwide and will release a physical mining machine in the coming months."

Web3 AI investments

Network3 is one of the myriad web3 AI startups gaining investor attention. 

Bitkraft Ventures and Framework Ventures co-led a $9 million seed round for the crypto AI firm Mira on July 16, Hack VC led a $6.2 million seed extension round for the web3 AI platform ChainML in mid-May and Dragonfly led a $11 million raise for the creator-focused web3 AI firm MyShell on March 27, The Block previously reported.