Bagel Network Raises $3.1M to Expand Decentralized AI Database

Toronto-based Bagel Network, a decentralized machine learning (ML) data network, has raised $3.1 million in a pre-seed funding round led by crypto venture firm CoinFund. The capital injection will empower Bagel’s mission to reshape the AI infrastructure landscape by building the largest decentralized ML dataset.

TLDR

• Bagel Network, a decentralized ML data network, raised $3.1 million in a pre-seed funding round led by CoinFund.
• The funding will support Bagel’s mission of expanding the decentralized AI database ecosystem and its internal operations.
• Bagel aims to establish the largest ML data network connecting artificial and human intelligence.
• The network allows ML engineers, researchers, and AI agents to collaboratively build, trade, and license datasets.
• It features a two-sided marketplace that respects privacy while advancing artificial general intelligence capabilities.

As most data today is siloed among large tech conglomerates, Bagel wants to flip the script – opening up access to high-quality training data for smaller organizations through a Web3 data marketplace. The network lets ML engineers, researchers, and AI agents collaborate to construct, trade, and license datasets in a privacy-preserving fashion.

“We envision a future where planet-scale machine learning data is trustlessly accessible to both humans and artificial intelligence,” said Bagel CEO Bidhan Roy. “By transforming the data economy with incentivized, privacy-preserving mechanisms, we will catalyze significant advancements in AI.”

Roy brings over a decade of experience in data and ML engineering from his previous roles at Amazon and other major tech players. With Bagel Network, he wants to unlock the vast potential of artificial general intelligence while preventing data monopolies.

The $3.1 million pre-seed round also saw backing from investors like Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital and Breed VC. CoinFund founder and CEO Jake Brukhman expressed excitement to support Bagel’s “revolutionary team” in building this new decentralized data paradigm.

The funds will expand capabilities for Bagel’s two-sided data marketplace featuring verifiable data integrity. By collaborating with privacy-first autonomy, the network could enable groundbreaking innovations in AI – bringing us steps closer to realizing machine learning’s full societal promise.