In a recent report, the renowned crypto-oriented AI platform imgnAI raised $1.6 million in a seed funding round. The successful fundraising was led by Hack VC and Rana Capital. Other participants of the seed funding round included Selini Capital, Motus Capital,dao5 and West Ham Capital.
The company confirmed that the multi-million dollar capital will be used to expand its core business. Firstly, the imgnAI plans to enhance its infrastructure capacity to optimize operations.
imgnAI Nets $1.6M in Seed Funding Round
The imgnAI believes that upgrading the existing infrastructure will enable the company to support product development. With the increased demand for AI-inspired products, the imgnAI plans to invest the capital in its ongoing marketing campaign.
In the statement, the AI-fueled image generation bot has sought to reach a sustainable customer base for the past two years. This forced the imgnAI to leverage its marketing capabilities to promote its products.
Besides the marketing efforts, the imgnAI will use the investment to develop a digital collectible product dubbed Naifu. Currently, the imgnAI developers are working on completing the development of Naifu to offer the user high-performance text and images.
An announcement conveyed by the chief executive of imgnAI, Thelema, confessed that the company’s primary objective was to develop unique products that meet the customers’ needs.
imgnAI Reveal Next Move
The CEO confessed that imgnAI’s ongoing projects seek to push for the mainstream adoption of crypto assets. Thelema was pleased to state that the continuing development of AI products enabled its flagship image generation product, Nai, to attract a large audience.
A review of the imgnAI website demonstrated that Nai has a thousand active users. The report indicated that over 23,000 Telegram users and 87,000 Discord servers have adopted the imgnAI Nai platform.
Besides gaining a considerable share in the vibrant AI industry, the imgnAI plans to integrate artificial intelligence technology with crypto to meet the ever-changing market demand.
In 2022, imgnAI launched its crypto token IMGNAI to offer customers a fast and convenient method to complete transactions. Shortly after launching, the developer of IMGNAI integrated additional features on the token to enable the user to unlock premium functions.
Benefits of Integrating AI with Crypto
Also, the team behind the IMGNAI allowed the user to mint images as digital collectibles. The development of the imgnAI ecosystem aimed at creating user-friendly AI devices.
A statement from the Hack VC general partner, Roshum Patel, confirmed that imgnAI’s latest development aims to provide artists with a platform to create their work. The executive confessed that the imgnAI seeks to strengthen the interaction of AI and crypto technologies.
The imgnAI seed funding round coincides with the Bangel Network pre-seed funding round that generated $3.1 million. Reportedly, the Bagel funding round was led by CoinFund.
