0G Labs Launches with $35M Pre-Seed Funding to Develop Modular AI Blockchain Technology
Amidst the resurgence in the crypto space, funding for new startups has surged once again, with 0G Labs, a web3 infrastructure firm, announcing a remarkable $35 million raised in a pre-seed round.
This substantial amount for a pre-seed round is indeed notable. “Originally, we aimed to raise $5 million to develop the basic technology,” explained Michael Heinrich, co-founder of 0G.
0G, also known as ZeroGravity, is pioneering a modular AI blockchain designed to address the challenges encountered by on-chain AI applications in the web3 ecosystem, such as speed and cost efficiency. Noteworthy competitors in this space include Celestia and EigenLayer, which share a focus on modularity.
Modularity grants developers the flexibility to select and configure components to construct a blockchain system or application tailored to their specific requirements, akin to customizing orders at a restaurant.
“Our objective is to empower any blockchain to achieve the performance and affordability of a web2 application,” Heinrich emphasized. “This is the advantage of adopting a modular approach.”
In contrast, Ethereum operates as a monolithic blockchain, lacking the flexibility of modularity. This inherent limitation complicates customization efforts. Heinrich stressed the necessity of building core infrastructure to integrate centralized AI technologies effectively.
Upon collaboration, co-founders Heinrich, Ming Wu, Fan Long, and Thomas Yao recognized a market demand for robust data availability and storage solutions crucial for scaling blockchain systems and enabling on-chain AI capabilities. Their collective expertise and commitment led to the inception of 0G.
Wu and Long were integral members of the founding team at Conflux Network, a hybrid blockchain; Yao served as a founding partner at IMO Ventures; and Heinrich founded garten, previously known as Oh My Green, a provider of healthy food and wellness services for workplaces.
The necessity for decentralized storage, particularly in a fully decentralized capacity, underscored Heinrich’s vision. He emphasized the importance of a robust data pipeline capable of supporting multiple users simultaneously.
The overwhelmingly positive response from the investor community underscored the significance of 0G’s mission. Securing Hack VC as the lead investor paved the way for substantial interest, resulting in a 20x oversubscription. Notable investors from over 40 crypto-native institutions, including Alliance, Animoca Brands, Delphi Digital, Stanford Builders Fund, Symbolic Capital, and OKX Ventures, participated in the funding round.
The decision to embrace a large distributed cap table aligns with web3 principles, emphasizing community-driven collaboration and ethos. Heinrich emphasized the importance of securing partners who share their values, underscoring the communal effort driving the web3 ecosystem.
