Ex-WonderFi CEO Raises Over $20M for Decentralized AI Bittensor Treasury Company

xTAO TSX Venture Listing is set to go live on July 22, marking a major step in decentralized AI investment. The company secured $22.8M in financing to expand its Bittensor-focused mission.

The listing coincides with xTAO’s closing of a US$22.8 million financing of subscription receipts. The funding comes from an array of leading venture capital firms in the digital asset industry, including Animoca Brands, Arca, Arche Capital, Borderless Capital, DCG, FalconX, Hypersphere Ventures, Off the Chain Capital, Republic and Stratos.   

“Our public listing and financing mark important milestones for xTAO, as we execute on our mission of advancing decentralized AI,” said Karia Samaroo, founder and CEO of xTAO. “Bittensor is rapidly emerging as the ‘Bitcoin of AI,’ and xTAO will be well-positioned to capitalize on its growth potential through the operation of our validator and our use of TAO as our treasury reserve asset.”

Bittensor has emerged as an important alternative to centralized AI systems, with the network providing an open and user-controlled platform that is composed of specialized subnetworks, known as subnets, that focus on creating specific and unique products. 

Just as Bitcoin has used decentralized incentives to fuel a transparent, borderless form of money, Bittensor is incentivizing open and permission-less creation of machine intelligence, providing an alternative to the centralized AI oligopoly” said William Wolf, general partner at Arche Capital, an investor in xTAO. “We’re very excited to invest in xTAO because it brings structure, visibility, and capital access to Bittensor, helping it attract broader participation and scale into the public markets effectively.”

A key goal for xTAO is to play an integral role in further enabling Bittensor’s creation of valuable and useful products, including the provision of data, computation, and machine learning models. xTAO’s validator operation will help to evaluate the quality of network products, as well as provide consumers and enterprises with access to these products. Bittensor validators, along with network miners and subnet owners, are incentivized by TAO.

The project has received support from the broader Bittensor ecosystem, notably from Bittensor co-founder Ala Shaabana, an advisor to xTAO who said in a statement that, “xTAO has created an institutional product for Bittensor, and we’re aligned on the vision and glad to be working alongside them.” 

With the xTAO TSX Venture Listing now official, the business is well-positioned to advance decentralised AI by utilising Bittensor’s open ecosystem and public funding.