Bagel Network, a decentralized data platform aiming to support machine learning (ML) models, raised $3.1 million in a pre-seed round led by CoinFund.

Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital, and Breed VC participated in the round, which closed in December 2023 — though a valuation was not disclosed.

Machine learning, a subfield of artificial intelligence (AI), is fed with large amounts of data and algorithms to identify patterns and relationships within that data. Bagel Network argues that a disproportionate amount of data in the machine learning niche is owned and controlled by large entities, making it more difficult for smaller organizations to create high-quality ML models.

The project plans to resolve this by creating a marketplace where data …