Bagel Network Raises $3.1 Million in Pre-Seed Round
Bagel Network, a decentralized data platform supporting machine learning (ML) models, has secured $3.1 million in a pre-seed funding round led by CoinFund. Other participants in the round include Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital, and Breed VC. The valuation of the company was not disclosed.
The Need for Decentralized Data in Machine Learning
Machine learning relies on large amounts of data and algorithms to identify patterns and relationships. However, Bagel Network argues that the majority of this data is controlled by big entities, making it difficult for smaller organizations to create high-quality ML models.
Creating a Marketplace for Data Scientists and AI Engineers
Bagel Network plans to address this issue by developing a marketplace where data scientists and AI engineers can exchange and license verifiable datasets in a cost-effective and privacy-preserving manner. The platform aims to make high-quality ML data accessible to both humans and artificial intelligence.
Funding Plans and Expansion
The raised funds will be used by Bagel Network to enhance its operations, expand its team, continue research and development efforts, and grow its data ecosystem. The company’s founder, Bidhan Roy, stated that Bagel Network’s main competitors are web2 incumbents like HuggingFace, Kaggle, and Pinecone.
How Bagel Network Works
The platform operates as a standalone chain where data providers post zero-knowledge commitments to the on-chain marketplace. This ensures the integrity of the initial dataset and tracks changes. The quality of the datasets is determined through a combination of market forces and reputation mechanisms supported by staked tokens. Bagel Network envisions autonomous AI agents contributing significantly to the platform’s activity.
Hot Take: Bagel Network Revolutionizing ML Data Access
Bagel Network’s decentralized data platform aims to revolutionize access to high-quality machine learning data. By creating a marketplace for data scientists and AI engineers, the project seeks to address the issue of data control by large entities. With its trustless mechanisms and scalability, Bagel Network envisions a future where both humans and artificial intelligence can access and utilize ML datasets efficiently. The recent $3.1 million funding round led by CoinFund will enable Bagel Network to further develop its operations, expand its team, and enhance its data ecosystem. As Bagel Network competes with established incumbents, it aims to leverage blockchain and zero-knowledge cryptography to make a significant impact in the machine learning and AI space.
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