Singapore, 14 August 2024 – KIP Protocol, the Web3 Base Layer for AI, announced a successful $5 million raise in its latest private funding round, co-led by Animoca Ventures and Tribe Capital. This round propels KIP's total funding to $10 million, accelerating its mission to decentralize AI development.

Co-led by Animoca Ventures and Tribe Capital, other investors in the round also include GBV Capital, DWF Ventures, Morningstar Ventures, Kyros Ventures, K300 Ventures, New Tribe Capital, ZBS Capital, Purechain Capital and Fomocraft Ventures.

In addition to the recent passing of OCP-12 in which KIP Protocol would launch and manage Open Campus U, the closing of the private round is another milestone in KIP Protocol’s mission of dismantling monopolistic barriers in the AI industry and fostering a more level-playing field for AI developers and consumers.

Unlocking the Power of AI through Web3

KIP Protocol, the Web3 Base Layer for AI, opens up the potential of Decentralized AI (DeAI) by solving critical problems faced by AI product developers in Web3 deployment, connectivity and monetization.

With a firm focus on AI product monetisation, KIP creates much-needed data rails and payment rails for AI developers to create profitable businesses around their AI asset.

As a winner of 2023 Chainlink Hackathon, KIP’s Decentralized Retrieval-Augmented Generation (D/RAG) framework forms the basis for empowering AI asset holders with unparalleled control, enabling seamless deployment, monetization, and complete ownership rights.

The project's practical and user-focused approach has earned it significant recognition and attracted an impressive roster of top-tier partners, including Open Campus, Aethir, Google Cloud, Moemate, and OKX Wallet. These strategic collaborations underscore KIP Protocol's position as a trailblazer in the AI and Web3 integration space, setting the stage for a new era of innovation and DeAI adoption.

Fueling the Future of Decentralized AI Development

The newly raised funds will serve as a catalyst for KIP Protocol's mission to advance DeAI development. By investing in the creation of robust and secure AII solutions, the project aims to drive unprecedented levels of adoption and innovation. KIP Protocol's unwavering commitment to creating a more equitable environment for all AI stakeholders positions it as a formidable challenger to the current industry monopolies.

James Ho, Head of Animoca Ventures, added: "We’re incredibly excited to support KIP Protocol’s mission in creating real opportunities for AI developers via Web3. By streamlining payments and data sharing, KIP makes it easy for developers to turn their innovations into sustainable businesses while retaining full digital property rights. We believe this holistic approach will drive the next wave of AI adoption in Web3."

Boris Revsin, Managing Director of Tribe Capital, stated: "Decentralized, transparent artificial intelligence has a lot of potential to realize a future of AI that elevates and supports humanity, but one of the major challenges DeAI faces is the incentives. By establishing robust payment rails between AI models, apps, and data sets, KIP ensures fair and transparent compensation for all contributors. KIP's approach utilizes blockchain to enable real economic opportunities for AI developers at any level to contribute to a decentralized, open future of AI"

Julian Peh, Co-Founder and CEO of KIP Protocol, remarked on the significance of this funding round: "This funding will fuel KIP Protocol’s mission to empower AI creators—model owners, data producers, and app developers—to securely deploy and monetize their assets in a decentralized environment. We move beyond pure theoretical technology to solutions and applications with actual end users. KIP’s potential market is the largest in all of DeAI, and we are positioned to fully serve it."

Onboarding Millions of Users via Real Use Cases in DeAI

Demonstrating its commitment to real-world applications, KIP’s partnership with Moemate is set to onboard over 3 million AI users into Web3 via KIP Protocol. In parallel, KIP’s recent OCP-12 proposal led to the unanimous approval of a $10 million fund to build Open Campus U. The DeAI learning platform will leverage KIP's cutting-edge D/RAG solution and redefine education by offering personalized learning experiences from leading educators, showcasing the immense potential of DeAI in the multi-trillion dollar education industry.

As nodes form the backbone of its DeAI ecosystem, KIP is running a node sale, offering rapidly accruing rewards from 20% of the total $KIP supply over three years. These nodes will provide the computational resources and security needed to enable real-world AI applications, underscoring the growing impact of KIP's cutting-edge AI solutions.

About KIP Protocol

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

KIP was a pioneer in Decentralized Retrieval Augmented Generation (D/RAG), being a winner of the Chainlink Hackathon in 2023. That expertise in D/RAG was built into a framework called KnowledgeFi, currently used by leading Web3 companies to monetise Knowledge Assets using AI.

KIP solves mission-critical challenges faced in decentralized 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 veteran AI PhDs and tech business veterans, KIP aims to be a catalyst for the widespread adoption of decentralized AI.

To learn more, visit www.kip.pro or follow them on X @KIPprotocol

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