Canyon Network Secures $6 Million at $60M Valuation for Its Onchain AI Oracle

NEW YORK, NY, Oct. 16, 2024 (GLOBE NEWSWIRE) — Canyon Network, the Onchain AI Oracle that delivers verifiable AI power for decentralized applications (dApps), is proud to announce the completion of a $6 million private funding round at a $60M valuation.

This round was backed by an esteemed group of investors with expertise in both blockchain and AI, including including DeData Technologies, DAO Venture, Vinci Labs, and Fission Digital Capital.

By leveraging cryptographic technologies, including Trusted Execution Environments (TEE), operational Machine Learning (opML), and Zero-Knowledge Machine Learning (zkML), Canyon Network aims to eliminate trust assumptions and enhance development and security in blockchain ecosystems.

“In an era increasingly defined by AI-driven automation and the expansion of intelligent systems, the need for verifiable and transparent AI solutions has never been more pressing. Without systems that can verify outputs and validate the truth of information, we risk descending into chaos” says Dr. Tim Willis, the co-founder of Canyon Network.

With this belief, Canyon Network is building the must-needed Onchain AI Oracle to address critical trust and security challenges within blockchain ecosystems. By offering verifiable AI power that eliminates traditional trust assumptions, Canyon Network ensures that dApps can operate securely and with integrity. The new funding will enable Canyon Network to achieve several key milestones:

• Develop and launch its next-generation Onchain AI Oracle, solidifying its leadership in the AI/blockchain intersection
• Expand the network’s cryptographic capabilities to enhance security, scalability, and trustworthiness
• Foster the growth of a vibrant developer and user community, facilitating widespread adoption of its solutions
• Accelerate partnerships with decentralized applications in high-impact sectors such as decentralized finance (DeFi), governance, Webb social, and gaming
• Secure brand visibility to drive future integrations across the Web3 landscape

At the heart of Canyon Network’s vision is the belief that truth, transparency, and verifiability must remain paramount in an age of rapid technological advancement. As AI and automation reshape industries, societies, and economies, the integrity of the systems we rely upon becomes critically important.

While still in its early stage of development, Canyon Network has already laid out an ambitious roadmap, with the release of its Minimum Viable Product (MVP) scheduled for Q4 this year. This milestone will mark a significant step forward in the company’s mission to redefine how AI is integrated into blockchain and dApp development, ensuring that trust and security are embedded at every stage.

The funding raised will catalyze Canyon Network to continue innovating and ensuring that decentralized applications can thrive in a landscape driven by verifiable AI. In a world increasingly characterized by automation, Canyon Network’s commitment to transparency and security stands as a call for truth—a fundamental principle in the responsible deployment of AI across blockchain ecosystems.

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Contact: Media team

Email: info@canyon.io

Website: https://canyon.io/