Public company xTAO has successfully raised $22.8 million in investments as part of a new funding round. The deal was conducted in the form of subscription receipts, allowing the company to strengthen its financial position for further growth.
This is reported by Business • Media
Key Investors and Strategic Goals
Investors include leading venture capital firms such as Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and FalconX. The funds raised will be directed by xTAO towards the development of Bittensor—a decentralized data marketplace for training artificial intelligence models. The company actively supports the Bittensor ecosystem by creating solutions based on computing power, data, and machine learning models, and is also working on infrastructure for data validation.
Stock Market Launch and Future Prospects
On July 23, xTAO shares began trading on the TSX Venture Exchange (TSXV) under the ticker XTAO.U, marking an important step in increasing the company’s visibility in the international market.
The press release emphasizes that the company uses the TAO token as a reserve asset for its treasury. xTAO representatives believe that Bittensor has the potential to become the “Bitcoin of artificial intelligence.”
According to xTAO founder Kariya Samaru, the public listing and funding acquisition will be key milestones in the mission to create decentralized artificial intelligence.
Journalists note that Kariya Samaru previously founded the cryptocurrency exchange WonderFi, which was later acquired by Robinhood for $180 million.