Crypto AI startup Fraction AI completes $6 million Pre-Seed round of financing, led by Spartan Group and Symbolic Capital

Crypto AI startup Fraction AI has raised $6 million in a Pre-Seed round of funding, led by Spartan Group and Symbolic Capital, with participation from Borderless Capital, Anagram, Foresight Ventures and Karatage. Shashank Yadav, founder and CEO of Fraction AI, said that angel investors such as Sandeep Nailwal of Polygon and Illia Polosukhin of NEAR Protocol also participated in this round of financing and became "close advisors" to the project. Yadav said that Fraction AI is mainly built on Ethereum and is currently running on a closed testnet with more than 60,000 users. The public testnet is expected to launch next month, and the mainnet is scheduled to go live in late Q1 or early Q2 2025. In addition, the FRAC token will also be launched at the time of the mainnet launch. Fraction AI is currently built mainly on Ethereum, but plans to launch on NEAR and multiple Ethereum L2 networks. The project currently has 8 employees, with plans to keep the team lean in the near future. (The Block)