MyShell Raised $5.6 Million in Seed Funding
MyShell, a platform based on opBNB that offers a suite of AI tools, has successfully raised $5.6 million in a seed funding round.
The funding round was spearheaded by INCE Capital, with active participation from Hashkey Capital, Folius Ventures, SevenX Ventures, OP Crypto, and several other investors, as disclosed by MyShell on Monday. Notably, this funding round was a combination of equity and token warrants, resulting in a new valuation of $57 million for MyShell, as confirmed by co-founder Ethan Sun during an interview with The Block.
MyShell had previously secured a pre-seed funding round of $200,000 earlier in the year, with contributions coming from friends and members of the crypto community, according to Sun.
MyShell: A Brief Overview
Launched in May, MyShell is an AI platform integrated with web3 technology, allowing users to create personalized chatbots referred to as “Shells.” This innovative platform caters to both content creators and consumers. Creators can craft AI-powered content bots, while consumers can easily discover and make use of these bots.
Sun highlighted the web3 aspect of MyShell, indicating that it introduces token rewards for creators and consumers. Content creators are rewarded with MyShell’s native token when their content bots gain popularity, while consumers can stake tokens on AI bots, generating income.
Since its inception in May, MyShell has garnered significant attention, attracting over 30,000 creators and more than 400,000 users. The platform’s overarching objective is establishing a creator ecosystem within the blockchain domain. Sun underlined the challenges faced by the current AI landscape, including issues related to transparency, centralization, and misaligned incentives. He emphasized that MyShell’s mission is to foster an ecosystem where users truly own their creations and receive equitable compensation for their contributions.
Transition from Polygon to opBNB
While currently offering certain features on the Polygon network, MyShell has plans to migrate its platform to opBNB. OpBNB is a Layer 2 network built on the BNB Chain, incorporating Optimism’s OP Stack or Optimistic rollups technology, as confirmed by Sun.
MyShell presently employs a team of 25 individuals, including MyShell’s co-founders, Rick Lin and Charles Qin. Lin brings over a decade of experience in AI product development, while Qin holds a Ph.D. from MIT, signifying the team’s strong technical prowess. Ethan Sun, the co-founder interviewed, had previously worked with the China-based AI unicorn Aibee, indicating the team’s deep knowledge and expertise in the field.
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