Polygon Ventures led a funding round for the multi-chain infrastructure project Edge Matric Chain (EMC). The investment will expand the network’s reach within the AI sector.
EMC is a leading project in the DePIN space, focused on integrating computing power networks with decentralized AI applications. The project has been in development for four years, aiming to deliver high-performance solutions across multiple blockchain networks.
Polygon Expands AI Reach with EMC Investment
Alongside Polygon, Amber Group also co-led the funding round for EMC. Other participants included One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury.
EMC plans to use the investment to launch its Layer-1 (L1) blockchain specifically designed for AI applications. This initiative will enhance GPU computing capabilities for crypto AI projects and introduce a new asset class in the decentralized finance space, backed by tokenized real-world GPU resources.
With the launch of the L1 blockchain, users earn profits when on-chain GPU resources are outsourced. Ahead of this launch, EMC introduced a two-month public testnet incentive program, committing to a $5 million prize pool across two stages.
Read more: How To Fund Innovation: A Guide to Web3 Grants
For Polygon, this investment marks a deeper expansion into the AI and the DePIN sectors. It effectively manages tokens, rewards, and governance within DePIN applications as a general-purpose blockchain.
Meanwhile, as Polygon broadens its AI reach, it already hosts Sentient, an open-source AI platform backed by Peter Thiel’s Founders Fund. Polygon co-founder Sandeep Nailwal is among the core contributors to Sentient. Sentient Labs will enter the testnet phase this quarter, supported by an $85 million seed fund to advance its platform.
AI and DePIN Take Center Stage
The rise of AI and Decentralized Physical Infrastructure Networks (DePIN) has made these two narratives among the top trends in 2024. Bitwise, in a recent report, projected that the convergence of AI and blockchain could add $20 trillion to global GDP by 2030.
In line with this, UAE investment firms Hodler and Gewan have launched a $500 million fund to boost DePIN and AI development. Ethereum co-founder Vitalik Buterin also sees DePIN as a key enabler for DeFi, potentially revitalizing the financial sector. DePIN’s market capitalization is nearing $19 billion, with projects like Render and Bittensor leading the way.
“DePIN is set to drive the next wave of crypto adoption. Its services are easy to understand, allowing millions of people to get involved, and several prominent DePIN projects are on the verge of securing major customers and substantial revenue, marking a significant milestone for the crypto industry. As this revenue begins to grow, global attention will inevitably turn towards this sector,” Fluence Co-Founder Tom Trowbridge told BeInCrypto.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
The AI trend also fueled a surge in the crypto market in the first half of 2024. Grayscale expects the synergy between AI and blockchain to remain central as the market continues to mature. The firm points out that AI-related tokens like Near, Render, and Akash are positioned for growth, while Bittensor (TAO) plays a key role at the intersection of AI and DePIN narratives.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/polygon-leads-emc-funding-round/