KIP Protocol Closes Strategic Funding Round Led by Animoca Ventures

By Decrypt February 09, 2024 In Uncategorized

Hong Kong, China, February 8th, 2024, Chainwire

KIP Protocol, the Web3 base layer for artificial intelligence (AI), has successfully closed its strategic funding round led by Animoca Ventures.

KIP Protocol builds secure and gas-efficient Web3 infrastructure that makes it possible for AI creators – whether app developers, model makers or data owners – to:

  • deploy their work on Web3, thus retaining full ownership,
  • interact and transact with other AI assets and
  • monetise without losing control over access.

Using KIP Protocol, AI app developers can easily create decentralised apps linking to a wide variety of models (whether on-chain or off-chain), drawing data from decentralised knowledge bases to provide retrieval-augmented generation services, with user revenue being distributed automatically and transparently to all contributors on chain. An early alpha of KIP Protocol’s code was a prize winner at Chainlink’s 2023 Fall Hackathon.

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KIP’s core mission is to spawn a vibrant business ecosystem of independent AI apps, models and knowledge bases, collaborating and competing freely to counter the growing AI monopoly of tech giants.

This Animoca Ventures-led round also saw participation by an especially diverse group of investment DAOs, Web3 community leaders, and funds across multiple geographical territories, including B.Army (Vietnam), CSP DAO (EMEA), MQdao, Spicy Capital (Latin America), Skyvision Capital (HK), and Purechain Capital (UK), to name just a few.

The diversity of KIP Protocol’s investors reflects its aim of expanding access and participation rights to as wide a group of users and token-holders as possible, reflecting the overarching influence of AI across all spheres of human activity.

Driving AI Decentralization: A Shared Vision

Central to the KIP Protocol vision is protecting the digital property rights of value creators in AI through Web3, opening a path to fair monetisation for even the smallest AI creators.

James Ho, Head of Animoca Ventures, commented that, “KIP Protocol’s goals of creating a more competitive playing field for all AI creators are strongly aligned with Animoca’s vision of a more equitable Internet underpinned by true digital property rights. We at Animoca Ventures are focused on finding and supporting innovative new teams in Web3 and the KIP Protocol team boasts a unique blend of deep AI credentials, Web3 experience, and business savvy. We are delighted to be an early backer in their quest.”

Dr. Jennifer Dodgson, Chief AI Officer and Co-Founder of KIP Protocol, commented that, “We believe that AI advances fastest through cheap, small-scale experimentation and evolutionary pruning. With the help of Animoca Ventures, we aim to create a future in which everyone has the potential to build the next GPT.”

Julian Peh, CEO and Co-Founder of KIP Protocol, added that, “AI could be the most powerful technological force driving humanity’s progress in the future. Everyone, not just tech giants, should be able to reap the economic benefits of the AI-driven era. KIP Protocol was born from the necessity to re-level the playing field for all AI contributors, irrespective of their size. We are grateful to Animoca Ventures, and our global group of investors for their support for our mission.”

KIP Protocol is building a three-layered architecture, powered by the $KIP token, to safeguard the ownership rights of all key stakeholders – model maker, app developers, and data owners, and empower them to monetise safely, securely and efficiently, thereby serving as a catalyst for the adoption of decentralised AI.

The launch of the first dApp on KIP Protocol is planned for Q1/Q2 2024.

About KIP Protocol

KIP Protocol builds Web3 infrastructure for AI app developers, model makers and data owners, empowering easy deployment and monetisation of AI assets while maintaining full ownership rights.

KIP solves mission-critical challenges faced in decentralised AI deployments, with an aim to jumpstart wholly new business ecosystems, and ensure the economic benefits brought about by AI can be enjoyed by all.

Founded and helmed by AI and business veterans, KIP aims to be a catalyst for the widespread adoption of decentralised AI.

To learn more, users can visit www.kip.pro or follow them on X @KIPProtocol

For media inquiries, users can contact press@kip.pro

About Animoca Ventures

Animoca Ventures is the venture investment arm of Animoca Brands, a global leader in digital entertainment, blockchain, and gamification.

Animoca Ventures specialises in early-stage investments in Web3 and blockchain companies and projects.

It serves as the pulse of Animoca Group, working at the frontlines to discover new cutting-edge projects and trends in the Web3 space.

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