In this edition, we delve into Sentient's recent mega $85 million seed round to uncover why top VCs are betting big on this venture.
The funding round that caught my attention the most in the past two weeks was Sentient. The AI-crypto startup pulled off the biggest seed funding round in the crypto industry this year, raising an impressive $85 million. The round was co-led by three high-profile investors: Peter Thiel's Founders Fund, Pantera Capital and Framework Ventures, with additional participation from other notable backers.
"The main thing about Sentient really comes down to the quality of the team," Joey Krug, partner at Founders Fund, told me. "I've known both Sandeep and Pramod for years," he said, adding that they are really sharp in their respective technological fields. Sentient aims to directly compete with OpenAI-like organizations but differs in its approach to building open-source, monetizable AGI with community contributions. Sentient aims to empower developers to collaborate to build AI models, monetize their models and data and become key stakeholders in the open AGI economy. That's a challenging task, especially for a young startup competing with massive tech giants.
If AI development stays closed source, many crucial aspects of society will be vulnerable to the centralizing effects of censorship and rent-seeking, said Pantera Capital's managing partner Paul Veradittakit. Sentient's open, monetizable and loyal AI models would have "great potential to disrupt the AI development industry," according to Veradittakit.
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