Toronto-based gaming software startup, ArenaX Labs, successfully concludes a $6 million funding round led by Framework Ventures and joined by SevenX Ventures, FunPlus, Xterio, and Moore Strategic Ventures. The fresh capital infusion aims to propel the development of ArenaX Labs' groundbreaking AI-powered video game, 'AI Arena.'
Established in 2021, ArenaX Labs focuses on creating a player-versus-player, Ethereum-native game where users can acquire and train AI-driven characters. These characters then engage in battles with other AI counterparts, and the outcomes are influenced by the players' training strategies. ArenaX Labs plans to introduce a Web3 version of the game, allowing players to compete for prizes.
The forthcoming browser-based game, 'AI Arena,' will be offered free of charge and aims to educate players by providing a "uniquely intimate understanding" of AI, all without requiring coding skills. ArenaX Labs CEO Brandon Da Silva emphasizes the game's significance as a major leap in merging technology and education, offering an innovative and enjoyable way for individuals without advanced technical expertise to delve into AI concepts.
ArenaX Labs had previously secured $5 million in seed financing, with Paradigm leading the round and participation from Framework Ventures. Not to be confused with Toronto-based Framework Venture Partners, Framework Ventures is a San Francisco-based venture capital firm specializing in decentralized technologies.
Michael Anderson, co-founder of Framework Ventures, expresses confidence in ArenaX Labs, stating, "We're doubling down on the ArenaX team because we think they have one of the most ingenious approaches to consumer AI." He notes that ArenaX is reshaping the narrative around AI by creating products that encourage everyday individuals to learn AI training through playful engagement.
The eagerly anticipated 'AI Arena' is currently open for pre-registration, with ArenaX Labs targeting a beta launch in early 2024, promising an immersive gaming experience that transcends conventional gaming boundaries.