Zero Gravity Labs Funding Announcement

Zero Gravity Labs (0G Labs or 0GL), a crypto-AI startup developing infrastructure for a decentralized AI system, has announced $290 million in new funding. This includes a $40 million seed round raised by the Labs and a $250 million token purchase commitment received by the 0G Foundation, the independent governance body for the 0G Protocol.

Investors

Investors include:
– Hack VC
– Delphi Digital
– OKX Ventures
– Samsung Next
– Bankless Ventures
– Animoca Brands (co-founder Yat Siu)
– Polygon (co-founder Sandeep Nailwal)
– Stanford Blockchain Fund
– Abstract VC
– Alchemy
– Blockdaemon
– Foresight Ventures

0G Labs did not specify which investors participated in the seed round and which provided the token purchase commitment.

0G Labs began its fundraising efforts in September and closed the process earlier this month. Michael Heinrich, co-founder and CEO of 0G Labs, informed The Block that the $40 million seed round was structured as a simple agreement for future equity (SAFE) with token warrants, with the highest SAFE valuation cap exceeding $2 billion.

Token Purchase Commitment

Regarding the $250 million token purchase commitment, or "liquid line," Heinrich stated it will allow the 0G Foundation to access necessary funds from long-only investors who hold only liquid 0G tokens at a predetermined discount to the market token price. Heinrich explained, "This is very similar to an over-the-counter (OTC) deal, but different from a standard venture capital (VC) investment."

The newly announced $290 million in funding brings 0G Labs' total funding commitment to $325 million, including $35 million raised in a pre-seed funding round in March of this year.

About 0G Labs

0G Labs now identifies as a crypto-AI startup, moving away from its former narrative of being a modular blockchain or data availability (DA) layer. Heinrich emphasized the importance of AI as a public good, stating, "DA is just one component of the puzzle…"

0G Labs is building a decentralized AI operating system (dAIOS) designed for the development of AI applications on-chain. The protocol claims:
– Users gain full autonomy
– Ensures privacy, verifiability, and censorship resistance
– Achieves speeds of 50 GB/second, 50,000x faster and 100x more cost-effective than competitors.

0G's dAIOS has three main components:
1. Service Marketplace: Connects developers and AI service providers in a decentralized peer-to-peer environment.
2. Compute Network: A decentralized storage tool optimized for large datasets and AI models.
3. DA Layer: Ensures distributed access and verification for on-chain data.

Mainnet and Token Launch Timeline

Heinrich mentioned that the 0G protocol's mainnet launch is expected in the first or second quarter of next year. The launch was initially scheduled for July but was postponed to align the token release with the mainnet launch.

0G Labs currently has about 40 employees, but Heinrich plans to double the workforce with the new funding, focusing on engineering and ecosystem growth. Initiatives like developer incentives, hackathons, and community-building programs will support global innovation and engagement.

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