Erik Voorhees’ crypto-AI startup Venice just closed a 5 million Series A. The valuation? billion.
Dragonfly led the round. That is a big name in crypto venture capital throwing weight behind the intersection of AI and crypto.
Venice is building what it calls "private AI" — think large language models with crypto-based authentication and privacy guarantees. The pitch is that AI should not require surrendering your data to a centralized provider.
The billion valuation puts Venice in unicorn territory. Not bad for a startup operating at the intersection of two hype cycles.
Whether the market for privacy-first AI is actually there — or just the funding for it — remains to be seen. But Voorhees has a track record. He founded ShapeShift, one of the early crypto exchanges that pushed self-custody before it was mainstream.
Venice will need to deliver product to match the valuation. The AI space moves fast, and well-funded competitors are everywhere.
