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Kaito Raises $5.5 Million in Series A Funding
Startup Kaito has successfully raised $5.5 million in a Series A funding round, valuing the company at $87.5 million. The funds will be utilized to build an artificial intelligence (AI) search engine specifically designed for the crypto industry.
AI Emerges as a Promising Technology in the Crypto Sector
With the crypto industry experiencing a challenging period due to market fluctuations and increased regulations, AI is gaining traction as a valuable tool. Crypto firms are increasingly leveraging AI to diversify revenue streams and enhance their products and features.
Kaito’s AI Search Engine Enters Beta Phase
Kaito’s AI search engine recently launched in Beta mode, granting access to 35,000 waitlisted users. The search engine combines large language models (LLMs) with real-time data from various sources, including social media platforms, industry forums, news outlets, and on-chain data.
Kaito Addresses the Limitations of Existing Language Models
Kaito’s founder and CEO, Yu Hu, explained that existing language models like ChatGPT lack connectivity with off-chain crypto-specific information and on-chain data. Kaito aims to bridge this gap by providing a comprehensive solution that meets the specific needs of the crypto space.
Funding Led by Prominent Crypto Venture Capital Firms
The recent funding round was led by early-stage crypto venture capital firms Superscrypt and Spartan. This follows a previous $5.3 million raise led by tech VC Dragonfly, which included participation from Sequoia Capital China and Jane Street.
Kaito’s AI Search Engine Offers Insight on BlackRock’s Bitcoin ETF
CoinDesk had the opportunity to test Kaito’s search prompts, including one about the impact of BlackRock’s Bitcoin ETF on the industry. The AI-generated response highlighted the potential positive effects on the crypto market in terms of institutional adoption, while also acknowledging the uncertainties surrounding the market’s reaction.
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