Verida, a developer of decentralized personal information networks (DePIN), has recently secured $5 million in funding to address concerns surrounding user data privacy in the era of artificial intelligence. The company aims to offer internet users alternative data storage solutions to prevent their data from being utilized for training AI models. This funding round was supported by a diverse group of investors, including O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng from Mysten Labs. Additionally, community pre-sales of Verida’s Storage Credit token contributed to the company’s $50 million valuation.
With the new funding, Verida plans to enhance its personal data ownership infrastructure, focusing on decentralized storage and encryption for users’ personal information. By distributing data across multiple nodes managed by various network participants, Verida guarantees that users maintain control over their data. This approach aims to disrupt the current AI landscape by offering more secure, privacy-preserving personalized AI solutions. As concerns about internet users’ data usage by AI models continue to rise, Verida’s mission gains significance within the evolving AI market.
As major tech companies like Meta and X actively utilize user data to enhance their AI models, Verida’s commitment to prioritizing user privacy and data security becomes crucial. By leveraging decentralized storage and encryption technologies, Verida empowers users to retain control over their personal information, thereby improving data privacy and enabling more secure and personalized AI applications. The company’s initiative not only addresses current industry trends but also sets a standard for data privacy within the AI sector by minimizing risks associated with centralized storage facilities.
It is essential to note that the information provided in this article is for educational and informational purposes only and does not constitute financial advice. Coin Edition does not take responsibility for any losses incurred from utilizing the content, products, or services mentioned. Readers are urged to exercise caution and seek professional advice before implementing any actions related to the company. With its innovative approach to data privacy and security, Verida is well-positioned to lead the way in creating a more secure environment where data leakage and unauthorized access to users’ personal information are effectively mitigated.
