Venice AI raises $65 million Series A at $1 billion valuation
The round values Venice at $1 billion and highlights founder Erik Voorhees’ push for private AI chats, as the company positions itself around privacy-focused and less restricted human-machine interaction.
Venice AI raised $65 million in a Series A round at a $1 billion valuation, with Dragonfly leading and North Island Ventures, Coinbase Ventures, Archetype, Liquid2 Ventures, Morgan Creek and others participating. Founder Erik Voorhees said the financing was completed through an equity sale rather than sales of Venice’s VVV token, while also arguing AI companies should better protect user conversations. Investors received 8.98% equity, vested grants of 1.5 million VVV and 8-year warrants to buy 5 million VVV; if the warrants are fully exercised, total financing would rise to $131.5 million.
- Series A: An early-stage venture funding round.
- VVV: Venice AI's token referenced in the financing structure and related market trading.
- warrants: Rights to buy an asset later, in this case 5 million VVV over eight years.