Tromero, a London, UK-based machine learning training and hosting platform, has raised £1.5 million in a seed funding round led by BlueYard Capital.
The investment will be used to build a team that will develop and deliver a functional beta version of its platform within the next 12 months.
In leveraging blockchain technology, the platform is offering proof of work, a computationally expensive by-design service, and AI training, a computationally challenging, expensive, and ubiquitous process.
As for the crunchers of the data, Tromero is offering crypto rewards for miners, as well as payments in fiat money per job completed in exchange for their efforts.
“In an industry that struggles to keep pace with the soaring demand for machine learning training, our new way of mining cryptocurrency ensures that GPUs are no longer wasted on meaningless hashing, like they are currently, but are utilised to solve meaningful problems requiring AI solutions,” explained Tromero co-founder Sophia Kalanovska. “Our system breaks down some of the barriers that inhibit the creation of impressive AI models, fostering a future where AI is created by everyone for everyone.”
“Web3 has an inherent drive towards and offers a suite of tools for decentralization, democratization, and privacy – eliminating the reliance upon institutional players for daily transactions,” added Tromero co-founder Charles Higgins. “As AI becomes an integral part of everyday life, we believe it’s necessary to ensure the AI ecosystem can be just that: decentralized, democratic, and private. This offers a clear route by which AI can be cost-effective and easy to use for all.”
Company: Tromero
Raised: £1.5M
Round: Seed Round
Funding Month: July 2023
Lead Investors: BlueYard Capital
Additional Investors:
Company Website: https://tromero.org/
Software Category: Machine Learning Training and Hosting Platform
About the Company: Founded in 2022 by Sophia Kalanovska and Charles Higgins, Tromero is a blockchain built on a consensus protocol where the proof of work is machine learning training and hosting. Tromero’s proof of work provides the keystone of consensus of the blockchain, as well as a useful trained ML model. Two birds for the cost of one.
Source: https://tech.eu/2023/07/18/tromero-raises-ps15-million-to-make-ai-training-and-hosting-cheaper-through-crypto-mining/