The cryptocurrency landscape is now large enough to accommodate an increasing number of new players. As a result, newer companies are slowly emerging and seeking to innovate something new. One such new player is Nous Research. This startup is primarily developing a decentralized application to train AI models.
Interestingly, the startup successfully launched the project and has already secured around $50 million in Series A funding. As per media reports by Fortune, Paradigm was the crypto firm that funded the project. This puts Nous’ valuation at $1 billion. This could prove wonders for the startup and make it capable of bringing new and real innovation to the table.
A team of AI researchers spearheads Nous Research. The team aims to differentiate this decentralized application from its competitors by leveraging AI. Instead of relying on central data centers, it will utilize excess computational power globally. The startup will use SOL architecture to create and coordinate the structure.
Paradigm: The New Bigshot
Paradigm has already established a reputation in the AI-driven cryptocurrency market. Given the investment scale, it is understandable that Paradigm is not just entering the landscape as a participant. It is looking to change the very fundamentals of the game in the coming few years, as investors. AI in crypto already presents some amazing opportunities.
Arjun Balaji, spokesperson for Nous, said that it could significantly change the landscape. He stated, “Crypto is a powerful coordination technology. As crypto has matured, it has been exciting to see it applied to new domains, like building decentralized AI.”
He further added, “Nous is an ambitious, world-class AI lab with a grassroots and open-source ethos that echoes the best of crypto. We are thrilled to back them.” Speculations and reports suggest that Nous will be using the $50 million capital injection to enhance its computational capabilities.
In other words, it will help the company establish itself as one of the leading names in the industry through innovation. Therefore, it will be interesting to see what the future holds for the Company.
