Jump Capital co-leads $7.5 million seed round for web3 AI firm Raiinmaker

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Jump Capital co-leads $7.5 million seed round for web3 AI firm Raiinmaker

Companies • April 3, 2024, 10:01AM EDT

Published 1 minute earlier on

Quick Take

Jump Capital and Cypher Capital co-led a $7.5 million seed round for the web3 AI firm Raiinmaker.
Other participants in the round included Gate.io Labs, MEXC Global, Krypital Group, Alphabit, Launchpool, New Tribe Capital and others.
Raiinmaker lets users train AI from their smartphones and receive rewards.

The web3 artificial intelligence firm Raiinmaker raised $7.5 million in seed funding, bringing the firm's total funding to $10 million.

The venture firms Jump Capital and Cypher Capital co-led the round, which saw additional support from Gate.io Labs, MEXC Global, Krypital Group, Alphabit, Launchpool, New Tribe Capital, Coach K, Axia 8 Ventures, Sheesha Finance, Andromeda Capital, Arcanum Capital, GDA Capital, Alpha Sigma Capital and others.

Raiinmaker is building decentralized AI tools and web3 infrastructure to undergird sports, gaming and entertainment projects, according to a company release. Users can train AI from their iOS or Android phones, receiving rewards proportional to their impact on the AI models.

"There’s a perfect confluence of events occurring right now with the collision of decentralized AI, performant blockchain infrastructure and the crypto market bull run," Raiinmaker Founder and CEO J.D. Seraphine told The Block. "Our team has been building for years to get here and we are excited that our moment has finally arrived."

Raiinmaker intends to launch its mainnet in April 2024. Seraphine added that the launch of its native token COIIN will occur shortly after.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.