Toronto-based Bagel Network has successfully closed a $3.1 million pre-seed funding round, signaling a significant leap in the development of its decentralized Machine Learning data network at the crossroads of AI and web3. CoinFund spearheaded the funding, joined by key contributors Protocol Labs, Borderless Capital, Maven11 Capital, Graph Paper Capital, and Breed VC. The financial injection aims to fortify Bagel Network’s internal operations and propel the evolution of its groundbreaking data ecosystem.

Founded in 2023 by Bidhan Roy, Bagel Network envisions a future where high-quality, planet-scale machine learning data is seamlessly accessible to both humans and artificial intelligence. Roy, the CEO of Bagel Network, expressed the company’s mission, stating, “At Bagel Network, we envision a future where high-quality, planet-scale machine learning data is trustlessly accessible to both humans and artificial intelligence. By transforming the data economy with incentivized, privacy-preserving mechanisms, we will catalyze significant advancements in AI.”

The Bagel Network platform redefines the AI data landscape by establishing a two-sided marketplace and fostering collaboration among machine learning engineers, researchers, and AI agents. This innovative exchange allows for the building, trading, and licensing of datasets in a privacy-respecting environment, harmonizing human and artificial intelligence. The platform’s autonomous AI agents engage seamlessly in this marketplace, marking a significant stride toward the realization of self-developing Artificial General Intelligence. Bagel Network prioritizes verifiable data integrity, ensuring responsible and expansive data evolution.

Jake Brukhman, founder and CEO of CoinFund, expressed enthusiasm for Bagel Network’s venture, emphasizing the critical challenge faced by the AI field in the current landscape—the absence of a comprehensive infrastructure providing open, collaborative, and privacy-preserving access to the vast amounts of data required by AI systems. Brukhman stated, “Bagel is one of the first companies combining web3 and AI and building a data domain for a world of open, decentralized innovation AI. We at CoinFund are extremely pleased and excited to back this revolutionary team.”

The $3.1 million Pre-Seed Round underscores Bagel Network’s commitment to advancing its capabilities amid the dynamic technological landscape, ensuring a robust and cutting-edge platform that caters to the evolving needs of the AI ecosystem.

In summary, Bagel Network’s recent funding success positions it at the forefront of the AI data revolution, fostering a collaborative and privacy-centric marketplace that holds the potential to shape the future of machine learning and artificial intelligence.