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The company disclosed exclusively that Kaito, an AI-powered search engine for cryptocurrencies, raised $5.3 million in a seed round led by Dragonfly Capital.
According to Yu Hu, the founder and CEO of Kaito, “there are people fighting against information overload all the time.” “We are reducing the time it takes to find answers from 30 or an hour to 10 seconds.”
Sequoia Capital, Jane Street, Mirana Ventures, Folius Ventures, and Alpha Lab Capital are a few of the investors in the round. According to Hu, the money will be used to expand the team and quicken the product’s development. For our next round, we’re in discussions with OpenAI, Binance, and Dragonfly, he said.
Hu is a former manager at Citadel who worked in conventional finance for almost ten years. In 2017, he began learning about cryptocurrency and making investments, but by 2021, he had realized how dispersed the information was. “I had so many incredible tools in traditional finance, but there were almost none in crypto,” the author said.
As with traditional search engines like Google for mainstream information, the crypto industry does not have a unified way for people to search for information across channels. Hu said, “I recently read that Twitter was being used by one person to conduct information searches and that Google was no longer relevant for the access of crypto information. That’s obviously a one-silo situation, but it shows how important a search engine in crypto is for finding sources of information.
“A generic search engine is not looking at anything that lives on the blockchain right now.”
Given how much of the ecosystem’s information is hidden away on platforms that aren’t consolidated onto a general search engine like Google, it is generally difficult to find information about the ecosystem. It’s extremely unlikely that those specific pieces of information will appear when you Google keywords related to a Twitter space or conversation, for instance. However, through Kaito, that data will be collected and made accessible, which has the potential to be very beneficial.
People are interested in trending topics, which in the crypto world can, of course, change daily, if not hourly. There are millions and billions of tweets sent every day, and Hu claimed that by using topic mining and topic clustering, it is possible to identify the hot topics in the industry. There is a significant overlap in what people are interested in and major topics that people search for.
Through a one-click product that enables users to search across the entire social crypto landscape via platforms like Twitter, Discord, governance forums, Mirror, Medium, podcast transcripts, and research, to name a few, Kaito’s MetaSearch aims to address this problem.
Along with information aggregation, Kaito uses AI to improve its search engine through topic mining, ranking, personalization, recommendation, speech-to-text transcription, and AI-generated content. Additionally, ChatGPT/GPT-3 is being integrated to give cryptocurrency users more search options.
Since December, the startup’s search engine has been in private alpha mode for its institutional investors. It is now open to the general public. According to Hu, a search engine geared toward retail investors will go live in the second quarter of 2023. According to him, the institutional product will operate on a subscription-based model while the retail product will be free to everyone.
Hu demonstrated the platform to TechCrunch and demonstrated how it divides searches into “facts and opinions.” Users can perform keyword searches using terms like “Bitcoin” to display trending news stories or other off-chain data related to the word. Similar to Glassnode or Dune Analytics, Kaito is currently focused on collecting off-chain data but will eventually introduce on-chain content.
According to Hu, “the blockchain will develop into a parallel universe to the web.” “While Bing and ChatGPT serve the web, we serve as a search engine for web3.”
According to Hu, the platform will eventually launch a token-based community that will use a model akin to Wikipedia and allow users to contribute to it in tiers. Users must advance in rank and level up in order to contribute to the data knowledge.
Since everyone needs a search engine that is specifically designed for the community, one will be available today for cryptocurrency users, according to Hu.
Hu anticipates that blockchain technology will eventually be used by people other than cryptocurrency investors.
In the future, “chain will become a space like a web space, with a lot more common people posting their work there, artists publishing NFTs, and we’ll be parallel to Bing, becoming a search engine that indexes everything for blockchain,” Hu predicted.
