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News Skyfire Raises $9.5 Million with Coinbase Ventures and a16z 5 mins ago - Around 2 mins mins to read

Key Points:

Coinbase Ventures and a16z CSX have raised Skyfire’s total seed funding to $9.5 million, up from $8.5 million earlier this year.

Skyfire is developing infrastructure that allows AI agents to make autonomous payments, removing the need for human intermediaries.

Co-founder Craig DeWitt likened Skyfire to a “Visa for the AI economy,” emphasizing the importance of their unique digital wallets and low-cost, instant transactions using USDC.

In a significant move for the AI-focused payment firm Skyfire, Coinbase Ventures and a16z Crypto Startup Accelerator (CSX) announced their new strategic funding contribution.

Coinbase Ventures and a16z Fuel Skyfire’s Expansion

Coinbase Ventures and a16z investment brings Skyfire’s total seed funding to $9.5 million, up from the previously declared $8.5 million, which was only raised a few months prior.

The last funding round, announced on August 21st, also saw the participation of some of the most reputed investors, including Neuberger Berman, Brevan Howard Digital, Intersection Growth Partners, Ripple, and many others. This cooperation underlines the rising interest in systems that enable autonomous transactions to be executed with the help of artificial intelligence.

Skyfire is one of the leading companies developing the infrastructure enabling AI agents to make payments independently, sans human intermediaries. It provides unique digital wallets for AI agents that can be preloaded with stablecoin USDC or traditional banking methods. In this way, the company wants to create a seamless payment experience for AI-powered applications.

Read more: a16z Crypto Unveils CSX Fall 2024 Cohort with 21 Innovative Startups

Skyfire Revolutionizes Payments for AI Agents

In the words of Craig DeWitt, Co-Founder of Skyfire: “Skyfire is like Visa for the AI economy. This infrastructure is what will make AI agents succeed. Without it, they are window shopping.” With traditional systems never built for the scale and speed that AI would need, Skyfire’s model of verifiable agent identities and USDC transactions is about to become the next big thing.

Skyfire is in an enviable position to continue on its ambitious quest to disrupt the burgeoning AI economy in payment systems with solutions to power instantaneous, low-cost global transactions.

Coinbase Ventures and a16z Skyfire

Author Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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Skyfire Raises $9.5 Million with Coinbase Ventures and a16z