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Carv: The Modern Data Platform Empowering Gamers with Monetizing Their Data

Image Credits: Carv
By: Headliners News / May 24, 2024

Meet Carv, a pioneering data layer platform at the intersection of web3 gaming and AI, has recently secured a significant milestone: a $10 million Series A funding round led by Tribe Capital and IOSG Ventures.

This latest investment comes on the heels of a strategic funding round just five months ago, led by HashKey Capital. While Carv has not disclosed its valuation or total funding to date, it marks another notable step forward for the company. Back in 2022, Carv made waves with a seed round led by Temasek’s VC arm, Vertex Ventures, valuing the startup at around $40 million.

At its core, Carv is on a mission to empower users to reclaim control over their data and, crucially, monetize it in a way that respects privacy and complies with regulations. The Carv team has highlighted this ethos, while noting that user data has powered tremendous economic growth, individuals often don’t share the value created when their information is leveraged to build billion-dollar businesses.

Carv’s suite of solutions reflects this commitment to user empowerment. The CARV Protocol serves as a modular data layer, seamlessly connecting web2 identities to web3 tokens with cross-chain connectivity. Complementing this, CARV Play offers a cross-platform credentialing system and game distribution platform, while CARV’s AI Agent, CARA, acts as a personalized gaming assistant, integrating with web3 wallets to recommend games, activities, and projects.

A key differentiator for them lies in its user-centric approach to data ownership and monetization. Revenue generated from user data is shared back with both the data creators and Carv itself, fostering a fair and equitable ecosystem. Moreover, Carv has pioneered a unified user ID standard (ERC-7231) that bridges web2 and web3, facilitating seamless data portability across traditionally siloed solutions.

Since achieving profitability in December 2023, Carv has experienced robust growth, boasting monthly recurring revenue exceeding $1 million. The company now serves a vast user base, with 2.5 million registered users and over 350 integrated gaming and AI company partners.

Looking ahead, their team plans to leverage its newfound capital to further enhance its offerings. This includes refining the design of its CARV Portal for scalability and broader use case support, as well as launching CARV Link to bolster on-chain identity and data authentication. Additionally, CARV Database will be introduced to manage various types of user data effectively.

In addition to Tribe Capital and IOSG Ventures, the Series A round saw participation from a distinguished roster of investors, including Arweave, Consensys, Draper Dragon, Fenbushi Capital, LiquidX, MARBLEX, No Limit Holdings, and OKX Ventures. With this strong backing, this growing startup is poised to continue revolutionizing the gaming and AI landscape, putting data ownership firmly in the hands of users.

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