"AI and crypto are the buzziest buzzwords in Silicon Valley, and startups have tried to combine the two since the launch of ChatGPT in 2022. The results so far have been mixed at best, but two brand-name venture capitalist firms see a winner in Kite, a startup building a blockchain to spur communication between different AI applications. The company announced on Tuesday an $18 million fundraise led by PayPal Ventures and General Catalyst. Participants in the Series A included 8VC, Samsung Next, and Alumni Ventures, among others."
"Agents and blockchains Kite's $18 million raise follows a wave of hype for AI agents. Large language models like OpenAI's GPTs or Google's Gemini are akin to big brains that can generate responses in text to human queries. Traditionally, these models are general purpose and have sat on servers that don't have direct contact with other applications online. Now, more and more developers are creating AI designed for specific use cases that can call up other applications on one's device or across the internet."
""The normal way for us to do shopping at the moment is we go to the Amazon website or Shopify store and shop across the store, find the products," Zhang told Fortune. "But in the future, it's all going to be automated. So we won't need to leave, let's say, Perplexity, or ChatGPT.""
AI and crypto remain highly prominent in Silicon Valley, and startups have attempted to combine them since ChatGPT's 2022 launch with mixed results. Kite secured an $18 million Series A led by PayPal Ventures and General Catalyst, bringing total funding to $33 million after a prior seed round. The company did not disclose valuation or whether the raise includes equity or token warrants tied to a yet-to-be-released cryptocurrency. Kite aims to build a blockchain to enable communication between specialized AI agents so that automated assistants can call up applications and complete tasks without users leaving an AI interface.
Read at Fortune Crypto
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