{"id":8570,"date":"2023-11-02T10:16:57","date_gmt":"2023-11-02T10:16:57","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/modulus-labs-completes-6-3-million-funding-to-integrate-cryptographic-security-into-ai\/"},"modified":"2023-11-02T10:17:00","modified_gmt":"2023-11-02T10:17:00","slug":"modulus-labs-completes-6-3-million-funding-to-integrate-cryptographic-security-into-ai","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8570","title":{"rendered":"Modulus Labs Completes $6.3 Million Funding to Integrate Cryptographic Security Into AI"},"content":{"rendered":"<div>\n<figure id=\"attachment_125739\" aria-describedby=\"caption-attachment-125739\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-125739\" class=\"wp-caption-text\">Source: Pexels \/ Tara Winstead<\/figcaption><\/figure>\n<p>Artificial Intelligence (AI) startup Modulus Labs, a project that integrates AI and crypto, has raised $6.3 million in seed funding.<\/p>\n<p>The project announced the launch of its formal debut on Wednesday, following the funding round, led by key crypto investors. The platform is backed by crypto venture funds Variant and 1kx and participation from Bankless, Blockchain Builders Fund and Inflection.<\/p>\n<p>The funding round also saw inflow from angel investors including Ethereum Foundation, Worldcoin, Polygon, Solana, and Microsoft, among others.\n<\/p>\n<p>\nModulus utilizes zero-knowledge proofs (ZK-proofs) to offer scalability and security enhancements for AI models. According to the project\u2019s co-founder Daniel Shorr, the funding will be utilized to build the Modulus product. \u201cOur audience is basically smart contract devs or on-chain services who want to add AI,\u201d Shorr told CoinDesk.\n<\/p>\n<blockquote>\n<p>\u201cBut up until now anyways, to add AI into your smart contract, means throwing away this whole blockchain security.\u201d<\/p>\n<\/blockquote>\n<p>\nThe company explained that when applied to AI, ZK cryptography allows to verify that an AI model was executed \u201ccorrectly.\u201d \u201cBy verifying this \u2018proof of correctness\u2019, on-chain, we get blockchain-equivalent security at a fraction of the cost,\u201d it added.\n<\/p>\n<p>\nThe project is bridging the gap between artificial intelligence and blockchain, thus allowing advanced decentralized protocols by minimizing human interference.<\/p>\n<p>Further, it can also be used in NFTs to deliver timely and accurate NFT prices using a platform called Upshot.<\/p>\n<p>\u201cThe result is an NFT price feed forged with AI superpowers and blockchain security, a marriage uniquely enabled by Modulus\u2019 specialized ZK proving.\u201d<\/p>\n<p>The company has also revealed a few upcoming updates including Ethereum (ETH)-based AI applications through partnerships with Worldcoin, Upshot. Modulus also unveiled ZK prover purpose-built for AI, dubbed \u2018Remainder.\u2019<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/modulus-labs-completes-6-3-million-funding-to-integrate-cryptographic-security-into-ai.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels \/ Tara Winstead Artificial Intelligence (AI) startup Modulus Labs, a project that integrates AI and crypto, has raised $6.3 million&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-8570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Modulus Labs Completes $6.3 Million Funding to Integrate Cryptographic Security Into AI | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Pexels \/ Tara Winstead Artificial Intelligence (AI) startup Modulus Labs, a project that integrates AI and crypto, has raised $6.3 million in seed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=8570\" 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