Kaito AI raises $5.3 million to build an AI-powered search engine for the crypto industry

The Kaito AI startup has raised $5.3 million to build an AI- and ChatGPT-powered search engine for the crypto industry. The Block reports.

According to Kaito representatives, their product is designed to address the fragmentation of information in cryptography. The system aggregates dispersed data across the network and presents it as search results.

The startup also uses AI to rank recommendations and analyse topics.

“Over the last 12 months, Kaito has built one of the most extensive databases in cryptography. By combining this information with our AI technologies and leading language models ChatGPT/GPT-3, we aim to offer a much more advanced search,” said Yu Hu, founder and CEO of Kaito.

The product is already доступен in a public beta version.

The funding round was led by Dragonfly Capital. According to the company, the Kaito AI product will deliver a “revolution” in information search for the crypto industry.

“With so much data, it can be difficult to identify the most valuable ideas for informed investment decisions. Kaito AI solves this problem not only by collecting information but also by making it accessible,” said Dragonfly partner Gengmo Ci.

Among other investors are Sequoia Capital, Jane Street, AlphaLab Capital and Mirana Ventures.

In February, AI- and big data-related tokens surged amid announcements of chatbots in Google’s and Microsoft’s Bing search engines.

In the same month, the rising popularity of ChatGPT triggered a rise in prices of AI crypto assets.