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Anything that lives on a blockchain is typically not accessible with traditional search methods, but Seattle-based Kaito aims to change that with its ChatGPT-powered search engine, which is now available to institutional users.
The platform aggregates information from sources such as Twitter, Discord, on-chain dashboards, governance forums and more, and makes it easily accessible through a one-click product, effectively democratizing information in the space.
"The decentralized nature of the crypto industry has led to significant information overload and fragmentation across numerous channels, making it difficult for users to access and comprehend," Kaito said.
AI-powered chatbot ChatGPT recently became the fastest application in history to surpass 100 million users and is expected to have an immediate and profound impact on the way we browse the web and work. But it's use cases for blockchain and the crypto industry are highly debated.
Fantom founder and DeFi expert Andre Cronje said that AIs are "a black box and mutable, blockchains are transparent and immutable" while CakeDefi Co-Founder and CTO U-Zyn Chua also told Blockhead that AI is limited for blockchain tech. "AI’s impact on blockchain specifically will be minimal simply due to the different nature of both technologies," Chua said.
Marquee investors join fundraise
Two weeks ago, the company announced that it had raised US$5.3 million from lead investor Dragonfly Capital, and marquee names like Sequoia China, Jane Street, Time Research and others.
The funds raised will go towards growing its team and speeding up product development. Founder and CEO Yu Hu, a finance veteran, told Techcrunch that the company is talking to OpenAI, Binance and Dragonfly for its next fundraising round.
Kaito, which was founded in 2022 by "ex money-managers at Citadel, AI engineering leaders from Silicon Valley, researchers from academia, and seasoned blockchain developers," said that received over 10,000 individual sign-ups and 400 institutional sign-ups in the 24 hours following the announcement of its fundraise.
As for future plans, Kaito said it will be rolling building out a token-based community, similar to Wikipedia, where users can contribute to the platform through a tiered system.
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