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The Graph Foundation Announces $60M Eight-Year Funding Grant To Semiotic AI

Reports said that The Graph Foundation has announced a $60 million eight-year funding grant to Semiotic AI in a bid to expand the start-up software firm's research and development capacity in the sectors of cryptography and artificial intelligence.

It has been reported that the partnership will focus on building the architecture required for automated and verifiable indexing and querying on the Graph, in addition to developing micropayments functionalities utilizing zero-knowledge proofs such as ZK-SNARKs.

However, over the course of 2021, Semiotic AI has worked alongside the Graph to contribute to the growth of the ecosystem with a litany of initiatives, such as the construction of a beta query prediction service, serving in an indexing operation role, supporting zero-knowledge proof infrastructure design as well as receiving an initial grant in March this year, among others.

The report said that with this news, Semiotic AI follows in the footsteps of two infrastructure platforms in becoming a core protocol developer on the network. StreamingFast acquired a $60 million funding grant from the Graph in June, while blockchain service provider Figment was granted $48 million in late July.

Brandon Ramirez, the Co-founder of the Graph, shared insights into how Semiotic AI will pursue greater scalability and economic efficiency on the Graph through the usage of artificial intelligence and cryptography.

He added:

“They specialize in the same AI toolkit Google Deepmind used to beat the world's best Go player and to then solve the age-old protein folding problem. The Graph is all about data, and just as AI plays a central role in all web2 products, this partnership will contribute to the convergence of AI and the decentralized internet.”

Likewise, incepted on mainnet in December 2020, the Graph quickly gained prominence as one of the leading indexing and query platforms in the Web 3.0 sphere. As of December 9, the network supports indexing data from 22 networks, including Ethereum, Arbitrium, and Avalanche as well as facilitating over 31,000 subgraphs, including ENS Domains, Compound V2, and Uniswap V2, among others.

In early September, the co-founder of Ethereum, Vitalik Buterin touted ZK-SNARKs as a potential major technological adoption over the coming decades. Co-founder and chief technology officer of Semiotic AI, Sam Green, also commented on the recent partnership, using telephone and web searches as prime examples of how a plethora of innovations can blossom from foundational technologies.

Thus, Green said:

“R&D efforts on these utilities resulted in countless inventions that improved communications and access to knowledge for the entire world. As a result of this collaboration, we will similarly invent new, open-source technologies that will benefit both users of The Graph and the larger Web 3.0 community.”

Source: Cointelegraph



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