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“Ideas have value,” said Multiverse Labs co-founder Cliff Szu. “[O]ur overarching goal is to assist people with great ideas in determining the true value of their innovations and inventions.”
Multiverse, a decentralised artificial intelligence ecosystem that invests in early-stage technology companies, has received $15 million in funding from some of blockchain’s most prestigious venture funds.
Multiverse announced Wednesday that Samsung Next, an investment group focused on AI, blockchain, and fintech, as well as Arrington XRP Capital, Huobi Ventures, and Fenbushi, were among the investors. Multiverse now has an implied valuation of $250 million as a result of the funding, making it one of the largest ecosystem developer funds at the intersection of blockchain and AI.
The funds will be used to expand Multiverse’s capacity in engineering, research, and marketing. The organisation wants to expand its presence in Europe and Southeast Asia.
Multiverse allows early-stage project developers to experiment with ideas and solicit feedback as they test their concepts. Platform users themselves can earn rewards for their contributions through the AI token, which is native to the Multiverse platform.
Cliff Szu, co-founder of Multiverse Labs, said his platform provides a safe space for developers to evaluate their ideas and receive feedback from a knowledgeable community.
“Many potential founders decide the risks outweigh the rewards, or simply have no access to external capital, particularly in emerging economies,” he said. “So we are creating a safe space for them to thoroughly evaluate the potential of their ideas, and to learn from a supportive and knowledgeable community that can contribute towards their success at the earliest possible stage.”
Blockchain development studios have recently gained traction as more businesses seek to foster innovation in the nascent industry. According to Cointelegraph, crypto unicorn Amber Group has launched a new platform for nonfungible token (NFT) creators. Subject matter experts in cryptocurrency have also offered their services for a mentorship programme centred on Solana’s high-performance blockchain.
On the venture capital front, investors have poured billions of dollars into blockchain startups this year alone, despite the multi-month drop in cryptocurrency prices.