ImmnAI, a cryptocurrency-native AI startup, has closed a $1.6 million seed round headed by Hack VC. While a valuation was not revealed, other participants in the round included Dao5, West Ham Capital, Motus Capital, Rana Capital, and Selini Capital.

According to its website, the image-generation bot platform was introduced in late 2022. To access premium services and mint photos directly as NFTs, users must first acquire the imgnAI cryptocurrency token. After being used for these functionalities, tokens are burned, which lowers the overall supply.

According to a statement by Hack VC Partner Roshun Patel, “imgnAI blends a user-friendly consumer AI product with powerful tools, promoting an enjoyable creative loop for artists of all skill levels.” “More social and crypto-native features complete imgnAI as a competitor to draw interest at the AI, crypto, and art coming together.

Introduction of a “digital companion”
According to the project, the money will be utilized to boost imgnAI’s infrastructure capability, quicken the creation of new products, and intensify marketing initiatives. Additionally, it plans to utilize the funds to assist the introduction of “Naifu,” a “digital companion” product that aims to provide more creative freedom and high-performance text and image responses than web2 competitors.

Co-founder and CEO of imgnAI Thelema stated, “Our mission is to build products that promote freedom and enjoyment, while onboarding the next generation of crypto-native users.”

Along with its web app, imgnAI boasts that its flagship image generating product, Nai, has thousands of daily active users on both 87,000 Discord servers and more than 23,000 Telegram groups.

Among the initiatives aiming to benefit from the fusion of AI and cryptocurrency is imgnAI. In a pre-seed round headed by CoinFund, Bagel Network, a decentralized data network designed to facilitate machine learning models, raised $3.1 million on Tuesday.