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Allora Labs Brings Total Funding to $35 Million With Latest Strategic Round

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Allora Labs, a contributor to the Allora Network, closes out a recent strategic round as mainnet launch approaches, bringing total funding to $35 million.

NEW YORK, June 25, 2024-- Allora Labs, contributors to the Allora Network, recently closed a strategic funding round, bringing their total company funding to $35 million. This round aimed to bring on further strategic partners that will play a key role in developing the network and furthering Allora’s mission of creating a decentralized collective intelligence network. Allora Labs’ investors to date include Polychain, Framework Ventures, CoinFund, Blockchain Capital, Archetype, Slow Ventures, Mechanism Capital, Delphi Digital, among others.

The Allora Network is a decentralized, self-improving machine intelligence network that powers applications with an evolving system of machine learning models. Utilizing innovative crowdsourcing mechanisms (such as peer prediction), reinforcement learning, and regret minimization, Allora is crafting a new realm of possibilities at the AI x crypto intersection.

Recently rebranding from its former identity, Upshot, a company recognized for being an early-mover and market leader in building AI x crypto infrastructure over the past three years, especially in the realm of long-tail financial infrastructure, the team at Allora Labs has leveraged its experience in AI to help develop the Allora Network. Currently in the testnet phase, the Allora Network is gearing up for its mainnet launch in the near future. The Allora Network has started integrating initial machine learning models and has introduced the first group of network validators.

Nick Emmons, Co-Founder of Allora Labs, commented on the funding, "This recent investment round underscores the significant strides we've taken since rebranding from Upshot to focusing on supporting the development of the Allora Network. With the mainnet launch on the horizon, we look forward to further collaboration with our partners and the broader AI community to foster a decentralized, self-improving AI network that democratizes access to top-tier machine intelligence."

Allora Labs’ mission is to create an abstraction layer for the world’s machine intelligence, turning intelligence into a digital commodity. Thus, making AI widely accessible, and supporting contributions from anyone with useful data or algorithms.

Allora Network sets itself apart in the AI space with two distinct features:

• Context-Awareness: Recognizing the importance of context in choosing the best AI inference, Allora incorporates machine intelligence to discern these vital details.
• Differentiated Incentives: The network's structure is designed to provide tailored incentives for various roles—workers, reputers, and validators—to ensure peak performance and equitable reward distribution.

Michael Anderson, co-founder of Framework Ventures, added, "We believe blockchains will be the obvious technology layer for AI services being consumed over the internet. This trend is just starting now and will continue to become more obvious over time. We're super excited to continue the journey with Allora Labs after they've been building in the space to solve this problem for the last few years."

Luke Pearson, from Polychain, remarked, "We are excited to see Allora Labs create innovative solutions at the intersection of Crypto x AI with their self-improving decentralized AI network. With its context-awareness and differentiated incentive structure, Allora Network creates a collective intelligence to outperform any individual contributing to the network. Allora Network defines a leap forward towards decentralized AI."

About the Allora Network

Allora is a self-improving decentralized AI network. It enables applications to leverage smarter, more secure AI through a self-improving network of ML models. Combining innovations in crowdsourced intelligence, reinforcement learning, and regret minimization, Allora unlocks a vast new design space of applications at the intersection of crypto and AI.

To learn more about Allora Network, visit:

Website: https://allora.network/
Twitter: https://twitter.com/AlloraNetwork
Medium: https://medium.com/allora-network
Discord: https://discord.com/invite/allora
Documentation: https://docs.allora.network

Contact:
Media: media@alloralabs.xyz

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