Funding will Support Bagel’s Mission to Expand the Decentralized AI Database Ecosystem, Internal Ops

January 23, 2024 10:00 AM Eastern Standard Time

TORONTO–(BUSINESS WIRE)–Bagel Network, a decentralized Machine Learning data network at the intersection of AI and web3, today announces the successful closure of a $3.1 million USD pre-seed fundraise round. The round was led by CoinFund with participation from Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital and Breed VC. With this raise, Bagel aims to redefine the landscape of AI infrastructure by establishing the largest Machine Learning data network connecting all of artificial and human intelligence. Funding will be used to bolster internal operations and further drive Bagel’s development of their data ecosystem.

“At Bagel Network, we envision a future where high-quality, planet-scale machine learning data is trustlessly accessible to both humans and artificial intelligence. By transforming the data economy with incentivized, privacy-preserving mechanisms, we will catalyze significant advancements in AI.”

Currently, a disproportionate amount of data is owned and controlled by large entities, boxing out smaller organizations via accessibility to high quality datasets or simply the compounding effect of scaled intelligence. Bagel Network redefines the AI data landscape by creating a two-sided marketplace where machine learning engineers, researchers, and AI agents collaboratively build, trade, and license datasets. The platform offers a boundless data exchange, respecting privacy and uniting human and artificial intelligence. Autonomous AI agents engage trustlessly in this marketplace, significantly advancing the birth of self-developing Artificial General Intelligence. Bagel Network prioritizes verifiable data integrity, ensuring responsible and expansive data evolution.

Bidhan Roy, Founder & CEO of Bagel Network, commented, “At Bagel Network, we envision a future where high-quality, planet-scale machine learning data is trustlessly accessible to both humans and artificial intelligence. By transforming the data economy with incentivized, privacy-preserving mechanisms, we will catalyze significant advancements in AI.” Bidhan has an extensive background in software engineering, specifically in data and machine learning; prior to Bagel, he worked as a project lead for Amazon’s Alexa machine learning team, and has more than a decade of experience as a software engineer for major tech companies.

Jake Brukhman, Founder and CEO of CoinFund, expressed enthusiasm for the venture, stating, “In the current landscape, the burgeoning field of artificial intelligence faces a critical challenge – the lack of a comprehensive infrastructure capable of offering access to the vast amounts of data required by AI systems in open, collaborative, and privacy-preserving ways. Bagel is one of the first companies combining web3 and AI and building a data domain for a world of open, decentralized innovation AI. We at CoinFund are extremely pleased and excited to back this revolutionary team.”

The $3.1M Pre-Seed Round underscores Bagel Network’s commitment to advancing its capabilities amid the demands of a rapidly changing technological landscape, ensuring a robust and cutting-edge platform that meets the evolving needs of the AI ecosystem. To sign up as an early data partner with Bagel, visit https://bagel.net/partner.

About Bagel Network:

Founded in 2023 by CEO Bidhan Roy, Bagel Network redefines the AI data landscape by creating a two-sided marketplace where machine learning engineers, researchers, and AI agents collaboratively build, trade, and license datasets. The platform offers a boundless data exchange, respecting privacy, and uniting human and artificial intelligence. Autonomous AI agents engage trustlessly in this marketplace, significantly advancing the birth of self-developing Artificial General Intelligence. Bagel Network prioritizes verifiable data integrity, ensuring responsible and expansive data evolution. For more information, visit https://www.bagel.net.

Contacts

Bridget van Voorst
bridget@cw8-communications.com

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