Venice AI has raised a $65 million Series A at a $1 billion valuation, led by crypto-focused VC Dragonfly with participation from Coinbase Ventures. The privacy-first AI platform, founded by crypto veteran Erik Voorhees, hosts uncensored open-source models and routes queries to closed-source models with client-side encryption and no data storage. Already profitable with over $70M annualized run-rate revenue, Venice serves 3 million active users and 1.7 million API calls per day. The company plans to use the funding to purchase GPUs and build its own data centers to improve gross margins.
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