Allora Labs (previously known as Upshot), the contributors to the Allora Network, recently closed a strategic funding round, bringing the total company funding to $35 million. Allora Labs’ investors include Polychain, Framework Ventures, CoinFund, Blockchain Capital, Archetype, Slow Ventures, Mechanism Capital, Delphi Digital, and others.
This funding round is aimed to bring on further strategic partners that will play a key role in developing the network and furthering Allora’s mission of creating a decentralized collective intelligence network.
The Allora Network is a decentralized and self-improving machine intelligence network that powers applications with an evolving system of machine learning models.
Utilizing innovative crowdsourcing mechanisms like peer prediction, reinforcement learning, and regret minimization, Allora is crafting a new realm of possibilities at the AI x crypto intersection.
The company recently rebranded from its former identity Upshot, which was a company recognized for being an early-mover and market leader in building AI x crypto infrastructure over the past three years. The team at Allora Labs has utilized its experience in AI to help develop the Allora Network.
Currently in a testnet phase, the Allora Network is gearing up for its mainnet launch in the near future. And the Allora Network has started integrating initial machine learning models and has introduced the first group of network validators.
KEY QUOTES:
“This recent investment round underscores the significant strides we’ve taken since rebranding from Upshot to focusing on supporting the development of the Allora Network. With the mainnet launch on the horizon, we look forward to further collaboration with our partners and the broader AI community to foster a decentralized, self-improving AI network that democratizes access to top-tier machine intelligence.”
– Nick Emmons, Co-Founder of Allora Labs
“We believe blockchains will be the obvious technology layer for AI services being consumed over the internet. This trend is just starting now and will continue to become more obvious over time. We’re super excited to continue the journey with Allora Labs after they’ve been building in the space to solve this problem for the last few years.”
– Michael Anderson, co-founder of Framework Ventures
“We are excited to see Allora Labs create innovative solutions at the intersection of Crypto x AI with their self-improving decentralized AI network. With its context-awareness and differentiated incentive structure, Allora Network creates a collective intelligence to outperform any individual contributing to the network. Allora Network defines a leap forward towards decentralized AI.”
– Luke Pearson of Polychain
