After raising $22.8 million from Animoca, DCG and other institutional funds, XTAO, a Vitenser-focused infrastructure company at Canada’s TSX Venture Exchange, has made its public debut after raising $22.8 million from funding from Animoca, DCG and other institutions to support the growth of decentralized artificial intelligence (AI).
The company will use its funds to expand Validator Operations, along with Bittensor’s open network, to build real-world products.
The Xtao list comes days after Tao Synergies announced its $10 million purchase of Tao tokens, indicating a growing institutional interest in decentralized AI infrastructure. While Tao Synergies has placed a bet as a Treasury allocation, Xtao aims to provide tools and validation layers that will help with network scale.
“We’re committed to providing a range of services to our customers,” said Karia Samaroo, founder and CEO of XTAO.
“Bitenser is rapidly emerging as ‘AI Bitcoin’, and XTAO will be properly placed to exploit its growth potential through the operation of validators and the use of TAO as a reserve asset for the Ministry of Finance,” added Samaroo.
According to data from Coindesk Market, Tao has been trading above $440, up 5.5% over the last 24 hours. That surpassed Coindesk 20 (CD20), the largest index of digital assets traded on flats.
Analysts are optimistic about the AI token asset class as more retailers are aiming to get exposed to Frontier Artificial Intelligence companies.
Read more: Tao Synergies becomes the biggest public holder of Bittensor tokens with a $10 million purchase