According to BlockBeats, Allora Labs, formerly known as Upshot and specializing in NFT evaluation, has secured $3 million in strategic funding ahead of the launch of its decentralized artificial intelligence network's mainnet. The funding round saw participation from Archetype, Delphi Ventures, CMS Holdings, ID Theory, and DCF God.
Nick Emmons, Co-founder and CEO of Allora Labs, stated that the structure of this funding round was equity financing, similar to all previous rounds for Allora. He declined to comment on the valuation.
Allora Network is a decentralized artificial intelligence network built as a Layer 1 blockchain on the Cosmos stack. Emmons stated that the network aims to address a fundamental issue in today's AI field, namely 'isolated machine intelligence'.
