NFT Authentication Firm Optic Secures $11M in Seed Round Led by Pantera Capital

NFT Authentication Firm Optic Secures $11M in Seed Round Led by Pantera Capital

The NFT fraud fighter is also planning to introduce a new API for Web3 devs and some additional nifty features for NFT creators.

Optic, an AI-based non-fungible token (NFT) authentication firm founded in 2021, has recently revealed that it secured $11M in a seed round, led by the biggest crypto fund in the world Pantera Capital, and venture capital fund, Kleiner Perkins.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Best Types of Blockchains Revealed (5 Animated Rules)

Best Types of Blockchains Revealed (5 Animated Rules) Best Types of Blockchains Revealed (5 Animated Rules)

According to the official announcement, Optic will leverage the fresh capital to welcome more engineers into its team and boost its artificial intelligence (AI) infrastructure.

The fundraiser was additionally backed by a number of prominent investors, including NY-based NFT marketplace OpenSea, P2P payments tech firm Circle, Ethereum (ETH) scaling platform Polygon, India’s biggest crypto exchange CoinDCX, early-stage cryptocurrency fund Lattice Capital, and others.

Andrey Doronichev, CEO and co-founder of Optic who previously worked as a product director at Google, commented on the proceeds from the fundraising and noted that they will also contribute to defining the firm's decentralized protocol.

Optic, a San Francisco-based firm building an artificial intelligence system that processes over 2TB of NFTs every day, is working towards providing reliable and transparent information about possible intellectual property (IP) violations to various companies and artists, including OpenSea.

David Finzer, CEO and founder of OpenSea, mentioned that the marketplace decided to partner up with Optic to fight fraud and plagiarism. Likewise, OpenSea's director of product Shiva Rajaraman provided more insights on the collaboration:

"Optic goes beyond other services that we have evaluated in terms of response and matching accuracy, and this is one of the many factors that led to the decision to become their customers."

Doronichev also spilled the beans on the company’s upcoming plans, including some new features for NFT-driven builders and traders, as well as a public application programming interface (API) for Web3 devs.

Earlier this year, the startup shared some interesting statistics, revealing that more than 80% of NFTs created were fake.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


Loading...