According to BlockBeats, on July 25, IoTeX ecosystem AI infrastructure project Network3 successfully raised $5 million in funding. This round of financing saw participation from leading institutions including IoTeX, Borderless, and EV3.

The funds will be utilized by Network3 to expand its team, improve its technology stack, and accelerate its Token Generation Event (TGE) process within the IoTeX ecosystem. Network3 aims to assist AI developers globally by providing efficient, convenient, and cost-effective solutions for large-scale inference, training, or model validation. Currently, Network3 boasts over 200,000 nodes worldwide, spanning 181 countries and regions.

Last week, IoTeX announced its 2.0 strategy, transitioning to a modular open platform for AI and Decentralized Physical Infrastructure Networks (DePIN). The strategy includes comprehensive support for promising projects through an ecosystem fund, accelerator programs, and incentive plans, offering technical, resource, and capital assistance to facilitate rapid project growth.