Swarm Network raises $13M to facilitate decentralized AI

Decentralized AI project Swarm Network has raised $13 million, including $10 million through NFT-based agent licenses and $3 million from strategic investors.

Decentralized artificial intelligence protocol Swarm Network raised a total of $13 million to build an AI verification protocol.

According to a Wednesday announcement shared with Cointelegraph, $10 million of the raised funds was secured through the protocol’s licenses to operate agents. A project spokesperson told Cointelegraph that each license is a non-fungible token (NFT) that allows its holder to obtain daily rewards for operating agents and maintaining the network.

The remaining funds comprise a $3 million strategic investment from investors, including Sui (SUI), Ghaf Capital, Brinc, Y2Z and Zerostage. The investments by Sui, Ghaf and Brinc were secured by Swarm’s participation in SuiHub’s Dubai-based global accelerator.