CiferAI Secures $650,000 Funding from Investors and Google to Develop World's First Decentralized Machine Learning Technology | Techsauce

CiferAI Secures $650,000 Funding from Investors and Google to Develop World's First Decentralized Machine Learning Technology

CiferAI, a US-based AI and blockchain technology startup led by Thai founders, has announced the successful closing of its Angel Round, raising $650,000 USD, including a grant from Google in a non-equity format. The funds will be used to develop and expand their pioneering Decentralized Machine Learning technology, which is set to be the world's first decentralized machine learning solution.

CiferAI's technology addresses the challenges faced by the current centralized AI development approaches, which often suffer from security concerns, delays, biases, lack of transparency, and limited access to high-quality data, especially when it comes to personal information or data protected by regulations such as HIPAA (Health Insurance Portability and Accountability Act) in the United States or GDPR (General Data Protection Regulation) in the European Union.

The company has developed a Decentralized Federated Learning technology that enables AI models to be trained directly on data owners' devices without the need to transfer data to a central location. This approach reduces biases, increases data diversity, and promotes transparency. It also minimizes vulnerabilities, improves efficiency, reduces errors, and saves time and costs.

CiferAI's Decentralized Machine Learning technology is built on their proprietary Cifer Blockchain Network, which utilizes a Byzantine Robust algorithm for enhanced security, scalability, and a processing speed 2.4 times faster than Ethereum.

Furthermore, CiferAI is pioneering the use of Homomorphic Encryption to encrypt data and AI models throughout the learning process, ensuring that data remains protected even during computation. This added layer of security and privacy is crucial for the sustainable development of AI in the future.

Miranda Songpatanasilp, CEO and founder of CiferAI, stated, "This Angel Round funding marks a significant milestone for CiferAI in our journey to become a leader in Decentralized Machine Learning technology and AI development. The support from investors and Google will accelerate our technology expansion and company growth. CiferAI is committed to developing efficient, ethical, and privacy-preserving AI solutions to create a world where everyone can access the benefits of AI in an equitable and inclusive manner."

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