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Contango Closes $10M Seed Fund with $5M
With strong investor backing, Contango Digital assets is advancing blockchain x AI.
Toronto, Canada, April 15, 2024 (GLOBE NEWSWIRE) — Contango Digital Assets The Contango Blockchain x AI Fund has reached a successful close, attracting an impressive amount of $5 million from LPs. This fund is designed to invest in North American companies that are building products at the intersection between blockchain technology and artificial intelligence. This fund is a bet that decentralized AI will grow and become more important than its central counterparts.
Contango Closes $10M Seed Fund with $5M
The Contango Blockchain and AI Fund includes investors in You can also find out more about the following: Quantstamp CEO, The CFO of SingularityNet is also the CEO of WonderFi. X Ventures has a GP, as do early LPs from Digital Currency Group, Polychain Capital and VANTA DAO. The fund has a strong backer and is well-positioned to drive the convergence of AI and blockchain technologies.
Mike Grantis, and Joshua Field are the Managing Partners of Contango. They bring a wealth experience and expertise, as they have participated in over 80 Angel Investments since June 2021, when the Company was founded. The two Managing Partners graduated from VC Labs – the largest accelerator in venture capital for new fund managers.
Fund has allotted a part of its capital for projects in the Bittensor eco-system, which is a decentralized AI leader. Contango can now work with portfolio companies directly through General TAO Ventures. This venture builder is focused on the Bittensor eco-system. Contango’s competitive edge is a result of targeting and shepherding portfolio firms into the Bittensor eco-system.
Contango, in addition to its relationship with the Bittensor eco-system, has also developed strong relationships within other AI ecosystems like SingularityNet or Akash. The fund’s broad outlook ensures it remains on the cutting edge of blockchain and AI innovation, using deep relationships and diverse network to discover new opportunities.
Mike Grantis is the Managing Partner of Contango Digital Assets “Our mission as Contango is to speed up the adoption of systems that are decentralized, none more so than AI decentralized.” We may see the rise of Artificial General Intelligence by decentralizing the governance, and adding native blockchain incentives to open-source software development. We want to make sure we’re supporting projects in the right direction, and that they provide a counterweight for monopolistic, centralized alternatives.”
Joshua Field is the Managing Partner of Contango Digital Assets “We had set a goal of raising $5m, but were quickly oversubscribed. This is a testimony to our track record and the interest that has grown in crypto and AI since we started investing. “This intersection is where we’ve seen the highest deal volume and most impressive returns. Focusing on this area will give Contango and its LPs a competitive advantage.”
Contango Managing Partners also serve as founding members of VANTA DAO. This collective is made up of Web3 tastemakers and provides a fertile ground for deal flow at an early stage, diverse opinions, and shared due diligence. The Contango Blockchain x AI Fund benefits directly from the DAO’s “Wisdom of the Crowd”, which enhances its ability to identify promising opportunities.
The Contango Blockchain x AI Fund, with its strong team, vision and network of investors and partners, is in a great position to foster innovation and growth at the intersection of artificial intelligence and blockchain.
Contango Digital Assets
In 2020, the date of establishment will be announced. Contango Digital Assets Is a Canadian venture-capital firm that focuses on the acceleration of global adoption for decentralized systems. It has a particular focus on artificial intelligence decentralized. Visit contango.digital for more information.
Media Contact
Robert Penington
robert@thronepr.com
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