Ethereum-backed Cyber Fund will allocate $100 million to projects at the intersection of blockchain, AI, and IoT

Since launching in 2014, the company has invested in 150 blockchain projects including Dfinity, Cosmos, Solana, LazyLedger (Celestia), EigenLayer, and Lido DAO

15.12.2023 - 08:38

211

2 min

What’s new? Cyber Fund, an investment company that supported the Ethereum network during its early development, announced the launch of a venture capital arm with a $100 million fund. The company will use these funds to support developers creating projects at the intersection of blockchain, artificial intelligence, and Internet of Things (IoT) technologies.

Press release

What else is known? Cyber Fund aims to digitalize the economy through blockchain assets and open-source programmable applications based on them. According to the management team, the economy is poised for another cycle of explosive technological growth driven by the development of scalable blockchains, cryptocurrencies, and AI computing through large language models (LLMs).

Since launching in 2014, the company has backed more than 150 blockchain projects, which, in addition to Ethereum, include Dfinity, Cosmos, Solana, LazyLedger (Celestia), EigenLayer, and Lido DAO.

The new $100 million fund will focus on zero-knowledge proof (ZKP) technologies (ZKP) and fully homomorphic encryption, decentralized finance (DeFi), cybernetic organizations (Blending Organizational Realities with Gadgets, BORG), alternative reputation systems, data marketplaces, robotics, and AI systems and devices.

“We foresee the emergence of a deeply interconnected and automated economy <…> The technologies at the heart of this disruption collectively harbor the potential to elevate humanity to unprecedented heights. This evolution is not just a possibility, it is inevitable. Our role, as we perceive it, is to be a catalyst,” the Cyber Fund concluded.

Earlier, the Central Bank of Singapore launched a three-year program under which $111 million will be allocated to companies offering innovative fintech solutions based on Web 3.0 for industry.

Author: