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Quick take:
Three former Robinhood employees Yuchen Jiang, Kevin Lin and Chen Chen teamed up to start building OpenLayer in 2023.
OpenLayer enables users to earn points by contributing and validating data via a Chrome extension.
App developers can then access the data and use it for training AI models and user targeting among other features upon receiving consent from users.
OpenLayer, a Web3 startup founded by former Robinhood employees has raised $5 million in a seed round backed by a16z Crypto Startup Accelerator (CSX), Geometry, IOSG Ventures, Spartan Group and LongHash Ventures.
The fundraising also attracted participation from undisclosed angel investors from EigenLayer, AltLayer, Puffer Finance and Sei Network, The Block reported.
Yuchen Jiang, co-founder of OpenLayer said the fundraising was structured as a simple agreement for future equity (SAFE).
The former senior software engineer and tech lead at Robinhood co-founded OpenLayer in 2023 with his colleagues, Kevin Yin who was a senior product manager at the fintech company and Chen Chen, who was an engineering manager.
According to Jiang, the inspiration to build OpenLayer came from the current status of the AI industry with tech giants controlling the access to data.
His company is developing a Chrome extension that enables users to earn points by contributing and validating data. App developers can then access the data and use it for training AI models and user targeting among other features upon receiving consent from users.
“Despite blockchain technology disrupting data silos on-chain, crucial data stays hidden inside the walled gardens of web2 websites, remaining hard to reach,” Jiang said. “For example, new social platforms struggle to compete and bootstrap user experience without access to users’ past history on existing platforms. AI agents lack comprehensive insight into users’ habits, hindering their ability to offer truly personalized services.”
According to Jiang over a dozen companies spread across social networking, gaming and AI sectors are already using OpenLayer to gain access to verified data.
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