Canyon Network, a NYC-based Onchain AI Oracle that delivers verifiable AI power for decentralized applications (dApps), raised $6M in funding, at a $60M valuation.
Backers included DeData Technologies, DAO Venture, Vinci Labs, and Fission Digital Capital.
The company intends to use the funds to:
- Develop and launch its Onchain AI Oracle, consolidating its leadership in the AI/blockchain intersection.
- Expand the network’s cryptographic capabilities to enhance security, scalability, and trustworthiness.
- Foster the growth of a developer and user community, facilitating widespread adoption of its solutions.
- Accelerate partnerships with decentralized applications in high-impact sectors such as decentralized finance (DeFi), governance, Webb social, and gaming.
- Secure brand visibility to drive future integrations across the Web3 landscape.
Led by Dr. Tim Willis, Canyon has developed an architecture that consists of a large network of off-chain validators and operators and a set of on-chain Solana programs. When dApps interact with the Canyon AI Oracle Solana programs to request AI inferences, the AI Oracle network quickly produces verifiable results, ensuring transparency, efficiency, and security in AI-powered blockchain applications.
By leveraging cryptographic technologies, including Trusted Execution Environments (TEE), operational Machine Learning (opML), and Zero-Knowledge Machine Learning (zkML), Canyon Network aims to eliminate trust assumptions and enhance development and security in blockchain ecosystems.
FinSMEs