Contango Reaches $5M Close on $10M Blockchain x AI Seed Fund

Toronto, Canada, April 15, 2024 (GLOBE NEWSWIRE) -- Contango Digital Assets is pleased to announce the successful first close of its latest venture fund, the Contango Blockchain x AI Fund, bringing in an impressive $5 million in LP capital, to date. The fund is dedicated to investing in North American seed round companies building at the intersection of blockchain and artificial intelligence. The new fund represents a strong conviction bet on the growth and importance of decentralized AI over its centralized counterparts.

Contango Reaches $5M Close on $10M Blockchain x AI Seed Fund

Investors in the Contango Blockchain x AI Fund include the CEO of Quantstamp, the CFO at SingularityNet, the CEO at WonderFi, a GP from X Ventures, early LPs in Digital Currency Group and Polychain Capital, and investors from VANTA DAO. With strong backing, the fund is poised to help drive forward the convergence of blockchain and AI technologies.

Contango Managing Partners, Mike Grantis and Joshua Field, bring a wealth of experience and expertise to the fund, having built their track record participating in more than 80 related Angel investments since the company’s inception in June, 2021. Both Managing Partners are graduates of VC Labs, the world's largest venture capital accelerator for first-time fund managers.

The fund has allocated a portion of its capital to projects building in the Bittensor ecosystem, a leading decentralized AI project. This allows Contango to work directly with their portfolio companies through their subsidiary, General TAO Ventures, a venture builder focused on developing the Bittensor ecosystem. By targeting companies already building on Bittensor, and shepherding portfolio companies into the Bittensor ecosystem, Contango has identified a proven and repeatable competitive advantage.

In addition to the Bittensor ecosystem, Contango has fostered strong relationships with other AI related ecosystems such as SingularityNet and Akash. This broad perspective ensures that the fund remains at the forefront of innovation in blockchain and AI, leveraging deep relationships and diverse networks to uncover new opportunities.

Mike Grantis, Managing Partner at Contango Digital Assets, commented, "Our mission at Contango has always been to accelerate the adoption of decentralized systems, and we would argue none of which are more important than decentralized AI. By decentralizing governance and layering in open-source development with native blockchain incentives, we may witness the emergence of the first global Artificial General Intelligence. Our goal is to ensure we are backing projects that are building in this direction and providing a counterweight to the centralized, monopolistic alternatives."

Joshua Field, Managing Partner at Contango Digital Assets, added, "We set out to raise $5m and quickly became oversubscribed. I think that's a testament to the track record of investing we have done since 2021, and to the growing interest in both crypto and artificial intelligence. This intersection has been an area where we have garnered incredible deal flow and produced the most outsized returns, so focusing here will provide a competitive edge for Contango and our LPs.."

Contango Managing Partners are also founding members of VANTA DAO, a collective of Web3 tastemakers, which provides an optimal breeding ground for early-stage deal flow, diverse opinions and shared due diligence. The Contango Blockchain x AI Fund directly benefits from the "Wisdom of the Crowd" produced by the DAO, enhancing its ability to identify and capitalize on promising opportunities.

With a strong team, strategic vision, and robust network of partners and investors, the Contango Blockchain x AI Fund is well-positioned to drive innovation and foster growth at the dynamic intersection of blockchain and artificial intelligence.

About Contango Digital Assets

Established in 2020, Contango Digital Assets is a Canadian venture capital firm focused on accelerating the global adoption of decentralized systems, with a primary focus on decentralized artificial intelligence. For more information, please visit contango.digital.

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