As the cryptocurrency landscape gains momentum, funding for new startups is also on the rise. 0G Labs, a web3 infrastructure firm, has disclosed that it secured $35 million in a pre-seed funding round, as exclusively shared with TechCrunch.
The substantial amount raised in this pre-seed round is noteworthy. “Originally, we aimed to raise $5 million to develop the foundational technology,” explained Michael Heinrich, co-founder of 0G.
0G, also known as ZeroGravity, is dedicated to building a modular AI blockchain designed to address challenges faced by on-chain AI applications within the web3 ecosystem, such as speed and cost efficiency. Notable competitors in this space include Celestia and EigenLayer, both focusing on modularity.
The modular approach empowers developers to select and customize components for building blockchain systems or applications, akin to tailoring orders at a restaurant to suit individual preferences.
Our objective is to empower any blockchain to achieve the performance and cost efficiency of a web2 application,” Heinrich emphasized. “This modularity approach is the key.
In contrast, platforms like Ethereum operate as monolithic blockchains, lacking the flexibility for customization. Heinrich pointed out that essential infrastructure must be established to incorporate centralized AI technologies effectively.
Driven by a shared commitment to address critical infrastructure gaps, co-founders Heinrich, Ming Wu, Fan Long, and Thomas Yao recognized the imperative for decentralized storage to be truly decentralized and scalable. This realization led to the inception of 0G.
With a diverse background spanning hybrid blockchain development, venture capital, and wellness services, the co-founders bring a wealth of expertise to the table.
The overwhelming interest from investors underscores the significance of 0G’s mission. The company received significant attention, with investors such as Hack VC leading the round. Over 40 crypto-native institutions, including Alliance, Animoca Brands, and Delphi Digital, also participated, contributing to a distributed cap table aligned with web3 values.
The initial capital infusion will fuel talent acquisition and the development of 0G’s market functionality, community, and ecosystem. While 0G currently does not have its native token, Heinrich hinted at future plans for a token release in line with its web3 ethos.
0G’s primary focus revolves around achieving unparalleled throughput and scalability compared to competitors. Heinrich envisions an ecosystem where any Web 2.0 application can be seamlessly built on-chain, enabling transformative use cases such as on-chain AI, gaming, and high-frequency decentralized finance (DeFi).
The company aims to launch on the mainnet by the third quarter of this year, ushering in a new era of innovation and accessibility within the blockchain space.
