Kite AI Secures $18 Million in Series A Round

Kite AI secured $18 million in Series A funding led by PayPal Ventures, enhancing its Agentic Internet infrastructure to automate merchant discovery via AI across platforms like Shopify.

The funding accelerates AI-commerce integration, promising mainstream adoption with the potential for growth in related blockchain and stablecoin ecosystems, notably impacting the Avalanche network’s transaction volume.

Key Developments, Impact, and Reactions

The recent $18 million funding round led by PayPal Ventures marks a significant milestone for Kite AI. Notable investors include 8VC, Samsung Next, and HashKey Capital. The company plans to use these funds to accelerate the development of its Agentic Internet infrastructure, aiming for integration with major platforms like Shopify and PayPal.

This move signifies Kite AI’s strategic efforts to enhance its foundational infrastructure for the Agentic Internet, leveraging blockchain technology for interoperable AI solutions.

“This funding will accelerate the development of our foundational infrastructure for the ‘Agentic Internet,’ where AI agents will facilitate communication and transactions seamlessly.” — Chi Zhang, Cofounder & CEO, Kite AI

Blockchain Developments Draw Parallels With Fetch.ai

Did you know? Kite AI’s initiatives draw parallels with Fetch.ai, which experienced significant growth in its ecosystem following successful funding rounds.

Avalanche (AVAX) is currently priced at $24.49 with a market cap of $10.34 billion, capturing 0.27% market dominance. Over the past 90 days, AVAX has seen a price increase of 21.77%, as reported by CoinMarketCap, illustrating investors’ increasing confidence.

According to the Coincu research team, Kite AI’s innovative approach could potentially redefine AI and payment systems within the blockchain realm, impacting financial and technological sectors. Leveraging historical blockchain growth patterns, these advancements could lead to broader adoption of on-chain transactions and AI development.