MyShell Raises $11 Million in Pre-Series A Round Led by Dragonfly
Tokyo, Japan, March 27th, 2024, Chainwire – MyShell, a decentralized AI consumer layer, announced today that it has secured $11 million in a Pre-Series A round. The round was led by Dragonfly, with participation from other notable investors such as Delphi Ventures, Bankless Ventures, Maven11 Capital, Nascent, Nomad Capital, and OKX Ventures.
The funding will be used to further develop MyShell’s open-source models and agent platform, as well as support the company’s mission to empower AI creators. This brings MyShell’s total amount raised to $16.6 million.
In addition to the institutional investors, MyShell also received support from prominent angel investors including former Coinbase CTO Balaji Srinivasan, NEAR Protocol Co-Founder Illia Polosukhin, former Paradigm Investment Partner Casey K. Caruso, and ex-Parafi partner Santiago R. Santos.
According to CEO Ethan Sun, MyShell is poised to revolutionize the AI creator ecosystem. He believes that this funding will not only help scale the company’s operations but also catalyze a movement towards a more open, collaborative, and democratic AI landscape.
MyShell is home to over 1 million registered users and 50,000 creators. The company plans to use the funding to develop its open-source foundational model, empower AI creators, create an AI assets trading platform, and further support the open-source community.
Unlike most dominant AI companies, MyShell is committed to decentralization and open-source development. This focus has already led to the growth of successful projects on the platform, such as OpenVoice, MeloTTS, and Allice.
According to Dragonfly Managing Partner Haseeb Qureshi, the demand for personalized AI experiences has grown exponentially in the last year. However, these experiences are mostly centralized with gatekeepers. MyShell uses crypto and decentralization to put the power back into the hands of users and allows open-source creators and communities to work together to create magical experiences and capture the fruits of their labor.
The funding reflects MyShell’s position as a pioneer in the AI consumer layer, with its open-value network and revenue-share economic model. It also offers unique toolkit features such as the “Workshop,” where users can build AI agents through prompts, and “Makerspace,” a no-code AI workflow builder for creators.
This investment will enable MyShell to lower the barrier for AI creation and foster a community where openness and collaboration are paramount. By championing decentralization and supporting the creator economy, MyShell is not just building tools; it is nurturing an ecosystem where every voice has the power to shape the AI landscape.
About MyShell
MyShell is the AI consumer layer that empowers users to build, share, and own AI agents. Its features include an interactive AI app store that integrates multiple open-source foundation models, creating a dynamic and engaging user experience.
Contact
Co-founder
Ethan Sun
MyShell
[email protected]
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Categories:
– Pre-Series A Round
– AI
– Decentralization
– Open-Source Development
– Creator Economy
