VanEck Joins $5M Funding for Crunch Lab Open AI Prediction Network

VanEck Invests in Crunch Lab, World’s First Open AI Prediction Network

VanEck Ventures has declared its investment in Crunch DAO, the world's first Open AI Prediction Network, an innovative platform that transforms machine learning (ML) into a worldwide, open contest.

Crunch DAO is focused on making Artificial Intelligence democratized and addresses the issues of predictive problems in any industry by matching businesses with the best technical talent on the planet. The Lab is transforming the way companies use and access AI with its innovative approach.

VanEcK Investment Announcement News.

VanEck Ventures is not the only major investor, as Galaxy Digital and Road Capital are also major investors in the mission of Crunch Labs. The platform has recently secured $5 million in its recent round of funding, with Multicoin Capital taking part. The provided investment underlines the increasing popularity of decentralized Artificial Intelligence networks and open marketplaces of predictive modeling.

Source: Vaneck official X

What does Crunch Lab does?

Crunch Lab is a world marketplace of machine learning. Coordinators who are known as enterprises submit encrypted modeling problems on the platform.

There is a competition between ML engineers and data scientists worldwide to create the most precise models. The participants are incentivized in USDC, which establishes a performance-based system and is transparent.

This will enable the firms to have the best AI talent without the conventional expenses and time delays of developing in-house teams.

Why is Crunch Lab Unique?

In contrast to traditional methods of enterprise Artificial Intelligence, this Lab is meritocratic and transparent. Measurement of success is based on the correctness of predictions and not credentials and experience. 

The platform turns predictive modeling into an open and competitive space where the most appropriate models will be elevated to the top. 

Another asset class that this system can help to create is the monetizable, investable AI models, which anyone in the world can contribute to and benefit from.

Who are the Participants?

The company has already gained a wide range of talent pools all around the globe, as it has more than 10,000 machine learning engineers and 1,200 PhDs in 100 countries. This global involvement guarantees a high diversity of ideas and methods, and breakthroughs that would be hard to reach in conservative corporate AI teams.

Real-World Impact

The outcomes of model competitions of Crunch Labs are self-explanatory. Its platform has helped it to:

• ADIA gains in financial modeling, with an increase in asset ranking accuracy of 17%.

• The breakthroughs in cancer research at the Broad Institute of MIT and Harvard.

• Mid+Onetm is a crowdsourced FX pricing engine of a global investment bank.

These achievements indicate overcoming significant financial, healthcare, and other issues.

Trends Supporting Crunch

Two key trends are propelling the growth:

• AI/ML democratization - Developers and businesses around the world want to gain more control over their AI resources.

• Global freelance economy - Skilled people would like to have flexible working options, and blockchain technology will provide the opportunity to transfer the value instantly and pay the talented person properly.

Funding Round

The latest round of financing of $5 million was co-led by Galaxy Digital and Road Capital; VanEck Ventures and Multicoin Capital were also involved. This investment will assist in expanding its platform, recruiting more participants, and entering into new industries.

Conclusion

The investment by VanEck Ventures highlights the opportunities of open AI prediction networks. The company aims to be the most popular open prediction factory in the world, crowdsourcing machine learning solutions to complex problems. Also, to address the most difficult predictive challenges in finance and healthcare by transforming the best technical minds into competitors in an open ecosystem.