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Airstack, an emerging blockchain development firm, raised $7 Million to develop an AI-backed Web3 developers platform. An early-stage blockchain investment company, Superscrypt, led the funding round. The first half of the pre-seed funding round closed in Q3 2022, with Polygon as a significant contributor.

The other participants in the second half of the funding round were NGC Ventures, Hashed Emergent, UOB Venture, WWVentures, Signum Capital, Perridon Ventures, Kyber Ventures, etc.

Starting in April 2022, Airstack is relatively new in the industry. Still, over 200 developers adopted the platform. They recently took part in ETHTokyo held in April 2023, the Tokyo arm of ETHGlobal. In this place, developers and hackers compete to win prizes, usually through digital assets on Ethereum.

Airstack is used to access data on DeFi and other dAPPs; developers can access and use on-chain and cross-chain data across multiple blockchain networks. Also, it provides the facility of data APIs, which can then be integrated either on-chain or off-chain.

Most importantly, the data requests do not have to be in complex programming syntax; they can be made using the simple English language. The Artificial Intelligence (AI) engines then process the incoming query to generate the required response.

The AI program becomes the interface that processes and combines the pieces of information from cross-application data and cross-chain. The application can access data across all major and minor Web3 platforms and dApps. The initial list includes ENS Domains, Lens Protocol, Farcaster, and almost every project working on Ethereum and Polygon blockchain.

Airstack CEO Jason Goldberg says the company wishes to build a platform to address significant pressure points for dApp developers and engineers creating Web3 tools and accessing cross-chain data. The company conducted extensive research involving multiple programmers, engineers, and developers to identify problems.

Multiple organizations and individuals have already used the platform for various projects raging across domains like marketing engines, DeFi portfolio optimizers, Customer Relationship Management (CRM) tools, advertising platforms, and other applications to produce decentralized messaging apps.

For instance, an individual could enter a query on a platform to find ENS and a portfolio of DOGE holders and their Farcaster social information. The AI engine would generate a programming interface API that the developers can combine into their program without additional software.

Airstack has kept the service free as they wish to reach thousands of developers. This exercise would help them identify the best use cases and help them find subsets of their platform. The financial model, pricing, and subscription model will be decided later.

The company also announced the release of an updated version of its social app Jam, built on Farcaster, a social protocol on Ethereum. Both android and iOS platforms support the application and allow community buildings in the Web3 ecosystem. Jam is used by Ethereum founder Vitalik Buterin, co-founder of Farcaster and ex-Coinbase Director Varun Srinivasan, and Jesse Pollak, Coinbase Protocol Lead.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Originally posted here:

$7M Raised for AI-Powered Web3 Developer Platform by Airstack - The Coin Republic