According to TechCrunch, privacy AI platform Venice AI announced the completion of a $65 million Series A funding round, led by Dragonfly, with participation from Coinbase Ventures, North Island Ventures, and others. This round of financing brings its valuation to $1 billion. Founded by Bitcoin early advocate and ShapeShift founder Erik Voorhees, Venice AI aims to provide users with access to over 200 AI models, while ensuring that data is not stored in the Venice system through client-side encryption and routing via external agents. Venice AI also supports users in obtaining AI service quotas through staking with the VVV and DIEM tokens. The company plans to use the funds raised in this round to build its own data centers and purchase GPUs to improve gross margins.

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