Optic, a security startup that uses artificial intelligence (AI) to authenticate non-fungible tokens (NFTs) has announced the end of its seed round which generated $11 million.
The funding round was co-led by American hedge fund Pantera Capital and Kleiner Perkins, a venture capital firm that specializes in investing in incubation, early stage, and growth companies. Although it enjoyed participation from other investors like OpenSea, Circle, Polygon, Lattice Capital, CoinDCX, Neon DAO, Flamingo DAO, and a few others.
According to Andrey Doronichev, CEO and Co-founder of Optic, the secured funds will be used to develop core AI infrastructure, define a decentralized protocol and expand the Optic team by hiring more engineers. New tools for NFT creators, collectors, and a public application programming interphase (API) for Web3.0 developers are a few of the startup’s near future plans.
How Optic Works
Optic is an NFT authentication company that is based in San Francisco. The company had only come into existence a few months ago, precisely in March this year.
It was founded by Andrey Doronichev, who was a former Director of Products at Google alongside AI researchers Roman Doronin and Vlad Vinogradov. The firm has been exploring AI engines that are capable of processing daily newly minted NFTs and comparing their ability to that of the existing NFT collections.
Thereafter, the monitoring tool displays the result as a percentage of the degree of similarity between the new token and the existing NFT. A high percentage is an indication of a close match and a likelihood of an outright counterfeit. Doronichev expressed a score of 95% to mean that the NFT may contain inspired or derivative art.
Making use of visual similarities, distorted or flipped images, color changes, or even fuzziness, Optic is able to alert companies, marketplaces, brands, and individuals about looming dangers or intellectual property violations. Optic indulges in copyminting to provide security and assurance for creators as this is one of the foremost problems faced by NFTs.
Popular online marketplace OpeanSea now utilizes the Optic Marketplace Moderation tool to crack down on fraud after seeking anti-fraud measures in May following a hack on its Discord platform.