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Investing.com - Sogni AI has secured $2 million in backing following a funding round co-led by Comma3 Ventures and Republic Ventures, the decentralized artificial intelligence image generator app said on Tuesday.
In a statement seen by Investing.com, the Singapore-based company said the investment will accelerate the development of a decentralized physical infrastructure network, dubbed Supernet, which aims to enhance how users create AI-generated images and videos on Sogni’s platform.
Such decentralized networks look to distribute AI resources like models and computations across a range of nodes, rather than having them centralized in one service.
Supernet offers rendering speeds up to 176 times faster than traditional cloud-based services by distributing workloads across a decentralized infrastructure, Sogni noted.
The group argued that there is "growing demand" for decentralized and accessible AI tools within the "$300 billion creative economy," saying that it expects to attract professionals ranging from artists to application developers.
"Current AI solutions are often centralized, expensive, and subject to access restrictions," the group said. "By leveraging [...] decentralized infrastructure, Sogni AI seeks to democratize AI-driven content creation."
Sogni was valued at $25 million in its latest funding round and has now raised a total of $2.135 million, Investing.com has learned. Contango Digital, Oyster Ventures, ARC, DEXT Force Ventures, Nosana, Formless Capital, Gecko Ventures, as well as "industry veterans" all participated in the fundraising, Sogni said.
"More investors" in so-called Web3 -- a name give by some technologists to a new kind of internet that is built by using the decentralized ledger systems that underpin cryptocurrencies like Bitcoin and Ether -- were also involved, Sogni said.