Early Ethereum Backers Cyber.Fund to Invest $100M in 'Cybernetic Economy'
Cyber.Fund, which also backed Cosmos, Solana and Polkadot, is focused growing the "cybernetic economy," in which blockchain is the bedrock
Updated Dec 14, 2023, 5:00 p.m. Published Dec 14, 2023, 5:00 p.m.
Investment firm cyber.Fund, an early backer in Ethereum, is committing $100 million to projects that intersect blockchain technology with artificial intelligence (AI) and the Internet of Things (IoT).
Cyber.Fund, which also backed Cosmos, Solana and Polkadot, is focused on growing the "cybernetic economy," in which blockchain is the bedrock, according to an emailed announcement on Thursday.
It describes cybernetic as an interconnected and automated economic framework around which blockchain, AI, and IoT converge.
Following the success of mainstream AI tools like ChatGPT at the start of this year, a number of AI-based tokens emerged in the cryptocurrency industry, sparking predictions that the convergence with artificial intelligence may lead the next bull cycle.
"Cyber.Fund is driven by the belief in blockchain as the foundational layer for a new economy – one that is programmable, trustless, and decentralized," co-founder Konstantin Lomashuk said. “The cybernetic economy represents a new era of innovation and collective growth, and we at cyber.Fund are fully prepared to be at the forefront of this transformation.”
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Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
