Vana, a web3 startup focused on creating a network of user-owned data pools, has announced that it has raised an additional $5 million, bringing its total funding to $25 million. The strategic funding round was led by Coinbase Ventures, building on earlier investments from notable crypto venture capital firm Paradigm, which led an $18 million Series A round.
Vana aims to build a network of decentralized autonomous organizations (DAOs) that leverage its blockchain technology to tackle the growing need for training data in artificial intelligence (AI) models. The startup’s innovative approach not only addresses this data scarcity but also provides internet users with a mechanism to monetize their data.
According to Anna Kazlauskas, co-founder and CEO of Vana, the data generated by users on popular social media platforms holds significant value. Private data from platforms such as Facebook, Instagram, and LinkedIn is especially valuable, as it remains largely protected compared to publicly available data. Vana's DAOs will enable users to pool their data from these platforms, creating datasets that can be sold to AI researchers.
Kazlauskas highlights the potential of user-generated data, noting that the information obtained from the “public internet” has already been extensively utilized in existing AI models. In contrast, the data locked behind login-required platforms is less accessible and thus more valuable. This presents a unique opportunity for users to capitalize on their own data while contributing to the development of AI.
In April, Vana launched its first operational DAO, specifically designed for Reddit users. This initiative allows Reddit users to contribute their platform history to a data pool, which is set for monetization. Kazlauskas mentioned that users with higher "karma" on Reddit could potentially earn between $300 to $400 from their contributions.
While the Reddit DAO is currently the only fully operational entity within Vana’s planned network of over a dozen data DAOs, the startup is working towards launching its mainnet to facilitate broader participation.
Kazlauskas envisions a future where Vana’s network empowers users to become stakeholders in the evolution of AI. She stated, “It's about owning a stake in AI,” emphasizing the importance of giving users a tangible interest in the collective dataset rather than merely offering cash for their data. This model aims to create a more engaging and valuable experience for users.
With this latest funding round, Vana is poised to make significant strides in the intersection of blockchain and artificial intelligence. By enabling users to monetize their data through DAOs, the startup is not only providing a new revenue stream for individuals but also contributing to the development of more robust AI models. As Vana continues to expand its network and refine its offerings, it holds the potential to reshape how data is valued and utilized in the digital economy.
September 2024, Cryptoniteuae