Toronto, Canada, April 15, 2024 (GLOBE NEWSWIRE) – Contango Digital Assets is excited to announce the successful initial closing of its most recent venture fund, the Contango Blockchain x AI Fund, securing an impressive $5 million in LP capital so far. This fund is committed to investing in early-stage North American companies that are innovating at the intersection of blockchain and artificial intelligence, showcasing a strong belief in the growth and significance of decentralized AI compared to its centralized counterparts.
Contango Achieves \(5M Initial Close for \)10M Blockchain x AI Seed Fund
Among the investors in the Contango Blockchain x AI Fund are notable figures such as the CEO of Quantstamp, the CFO at SingularityNet, the CEO at WonderFi, a GP from X Ventures, early LPs in Digital Currency Group and Polychain Capital, as well as investors from VANTA DAO. With this robust support, the fund is well-positioned to advance the fusion of blockchain and AI technologies.
Bringing a wealth of experience and expertise to the fund, Contango Managing Partners, Mike Grantis and Joshua Field, have established a solid track record through participation in over 80 Angel investments since the company’s establishment in June 2021. Both Managing Partners are alumni of VC Labs, the largest venture capital accelerator globally for first-time fund managers.
A portion of the fund’s capital has been earmarked for projects within the Bittensor ecosystem, a prominent decentralized AI initiative. This strategic move enables Contango to collaborate closely with their portfolio companies through their subsidiary, General TAO Ventures, a venture builder dedicated to nurturing the Bittensor ecosystem. By focusing on companies already engaged in the Bittensor ecosystem and guiding portfolio companies towards integration, Contango has identified a reliable competitive advantage.
In addition to the Bittensor ecosystem, Contango has cultivated strong partnerships with other AI-related ecosystems like SingularityNet and Akash. This broad view ensures that the fund remains at the forefront of innovation in blockchain and AI, leveraging extensive relationships and diverse networks to uncover fresh opportunities.
Mike Grantis, Managing Partner at Contango Digital Assets, remarked, “Our objective at Contango has always been to expedite the adoption of decentralized systems, particularly decentralized AI. By decentralizing governance and incorporating open-source development with native blockchain incentives, we may witness the rise of the first global Artificial General Intelligence. Our aim is to support projects progressing in this direction and offering a counterbalance to centralized, monopolistic alternatives.”
Joshua Field, Managing Partner at Contango Digital Assets, added, “Our initial target was to raise $5 million, and we quickly exceeded that goal. This speaks volumes about the successful investing track record we have built since 2021 and the growing interest in both cryptocurrency and artificial intelligence. This convergence has been a focal point where we have sourced exceptional deal flow and generated significant returns, positioning us competitively.”
The Managing Partners at Contango are also founding members of VANTA DAO, a collective of Web3 influencers, providing an ideal environment for early-stage deal flow, diverse perspectives, and collaborative due diligence. The Contango Blockchain x AI Fund benefits directly from the collective intelligence of the DAO, enhancing its capacity to identify and capitalize on promising prospects.
Backed by a strong team, a strategic vision, and a robust network of partners and investors, the Contango Blockchain x AI Fund is well-equipped to steer innovation and cultivate growth at the dynamic crossroads of blockchain and artificial intelligence.
About Contango Digital Assets
Founded in 2020, Contango Digital Assets is a Canadian venture capital firm dedicated to expediting the global adoption of decentralized systems, with a primary emphasis on decentralized artificial intelligence. For more information, please visit contango.digital.
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