Kaito Secures $87.5M Valuation in Funding Round to Build AI Search Engine for Crypto
Kaito has successfully secured $5.5 million in its Series A funding round, with a valuation of $87.5 million. The company aims to develop a specialized AI search engine tailored to the crypto industry.
Because Bitcoin
June 22, 2023
CoinDesk reported that startup Kaito has successfully secured $5.5 million in its Series A funding round, with a valuation of $87.5 million. The company aims to develop a specialized AI search engine tailored to the crypto industry, as confirmed by Kaito's statement to CoinDesk.
Recently, Kaito launched its search engine in Beta mode, providing access to 35,000 waitlisted users as of June 20, according to a post on the company's LinkedIn page. The search engine combines large language models (LLMs) with real-time data from various web sources, including Twitter, Discord, Telegram, governance forums, Medium, Mirror, industry research, news outlets, Kaito's proprietary Twitter Space and podcast transcripts, as well as onchain data. Kaito's founder and CEO, Yu Hu, explained that current language models like ChatGPT lack integration with off-chain crypto-specific information sources and on-chain data, thus failing to meet the needs of individuals in the crypto space.
LLMs, such as OpenAI's ChatGPT and Google's Bard, are artificial neural networks trained on extensive language datasets, enabling them to understand and generate human-like text. Due to their language proficiency, LLMs can effectively grasp complex concepts and communicate them in an easily understandable manner to users.
CoinDesk had the opportunity to test Kaito's search prompts and inquired about the current focal point in the industry: the potential impact of a BlackRock subsidiary launching an exchange-traded fund on Bitcoin. The chatbot responded by presenting ten news articles related to the topic and offered a somewhat uncertain answer.
Kaito AI stated that the approval of BlackRock's Bitcoin ETF could benefit the crypto market by facilitating institutional investment and fostering greater institutional adoption. However, there are doubts about its impact, as reports indicate that the effects of the Bitcoin halving may have been exaggerated. Overall, the influence of the BlackRock ETF on the Bitcoin market remains uncertain and will be influenced by multiple factors.
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