Carv raises $10M Series A to help gamers monetize their data

Carv raises $10M Series A to help gamers monetize their data

CaroWeb3, a platform that empowers gaming and AI companies, as well as gamers to control and monetize their data, has reached a major milestone with a $10 million Series A funding round led by Tribe Capital and IOSG Ventures. done.

This Series A round follows a strategic investment led by HashKey Capital just five months ago. While Caro has not disclosed its current valuation or total funding, it was valued at around $40 million in 2022 by a venture led by Temasek's VC arm, Vertex Ventures.

Initially targeting the gaming and AI sectors, Carv aims to empower users to control and monetize their data in compliance with privacy regulations. By providing their data to Carv's corporate clients, users can financially benefit from its use in areas such as AI model training and market research.

Victor Yu, co-founder and COO of Caro, emphasized the importance of empowering individuals to share in the economic value generated by their data. Carv offers three key solutions: the CARV protocol, CARV Play, and CARV's AI agent, CARA, enabling data ownership and monetization while promoting data portability.

One of Caro's distinguishing features is its commitment to user-centric data ownership and monetization, with revenue shared back to data creators. The company's profitability and monthly revenue of over $1 million as of December 2023 demonstrate its strong market traction. Currently, Carv boasts 2.5 million registered users and partnerships with over 350 gaming and AI companies.

With the Series A funding, Carv will expand the scalability of its CARV protocol, launch CARV Link for better on-chain identification and data authentication, and introduce the CARV Database to manage different types of user data. Intends to do. The funding round saw participation from prominent investors including Arweave, Consensys, Draper Dragon, and Fenbushi Capital, signaling strong industry support for Carv's mission.

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