According to BlockBeats, on July 23, Web3 AI company Network3 successfully raised $5 million in pre-seed and seed funding rounds. The investment was backed by EV3, IoTeX Eco Fund, SNZ, Waterdrip Capital, and Bing Ventures.

The company plans to use the funds to expand its team and continue developing its technology stack. Network3 is focused on building a decentralized AI infrastructure that distributes tasks across numerous devices, aiming to reduce latency while prioritizing privacy.