ChainML, a pioneering web3-enabled AI platform, has announced the successful completion of a $6.2 million seed extension round, accompanied by the introduction of its innovative agentic base layer named Theoriq.

Leading the funding round was Hack VC, with participation from notable investors including Foresight Ventures, Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures. This funding round, structured as equity with token warrants, was initiated at the end of the previous year and is now being unveiled concurrently with the launch of Theoriq, as stated by ChainML's co-founder and CEO, Ron Bodkin, a former technical director of applied artificial intelligence at Google. While Bodkin refrained from disclosing the valuation, the significance of the investment marks a significant milestone for ChainML.

ChainML's seed extension round follows closely on the heels of its earlier success in raising $4 million in a seed funding round led by IOSG Ventures in September 2022.

Understanding ChainML and Theoriq:
ChainML stands as a forward-thinking AI research and development startup, dedicated to democratizing AI access through its innovative web3-enabled platform. Today, the company introduces Theoriq, an agentic base layer designed to empower autonomous AI agents in executing complex tasks effectively.

Ron Bodkin explained, "We believe that our agentic base layer is going to be the point of value creation in web3 moving forward, enabling intuitive access to web3 value drivers from DeFi, infra, and restaking to memecoins." He emphasized Theoriq's utilization of blockchain technology to facilitate agent registration, payment, and security. Regarding potential applications, ChainML is collaborating with established web3 projects to deploy AI agents tailored to their communities, promising further details to be unveiled at the Consensus 2024 event.

"These agents leverage multiple input sources, including social media, community feedback, and on-chain data to perform a variety of tasks for the web3 community, from reading documentation and sentiment analysis to more sophisticated investment planning," Bodkin elaborated.

Theoriq Launch and Future Plans:

ChainML has outlined plans to launch Theoriq's testnet in the upcoming summer, with the mainnet expected to follow later this year. The company anticipates scaling up its team, with approximately 25 new hires planned for June, including positions in engineering, research, and a dedicated go-to-market team.

Competing with other web3-enabled AI platforms such as Fetch.ai, Autonolas, and MyShell, ChainML remains confident that Theoriq will emerge as the leading framework for delivering sophisticated AI agents tailored to address the evolving needs of the web3 ecosystem and beyond.

As ChainML continues its trajectory of innovation and growth, the successful completion of its seed extension round and the introduction of Theoriq mark significant milestones in its journey towards revolutionizing AI access and advancing the capabilities of the web3 landscape.