Carv, a pioneering data layer platform for web3 gaming and AI companies, as well as gamers, has just secured a significant $10 million in its Series A funding round. The investment, led by Tribe Capital and IOSG Ventures, marks a new milestone for the startup.
This recent round of funding comes only five months after Carv received a strategic investment led by HashKey Capital. Although the startup did not disclose its current valuation, this Series A round significantly adds to its financial standing. Notably, in 2022, Carv was valued at approximately $40 million during its seed round led by Temasek’s VC arm, Vertex Ventures.
Carv is focused on revolutionizing data ownership and monetization, particularly within the gaming and AI sectors. By offering users control over their data, the platform allows them to decide how their information is utilized while ensuring their privacy and regulatory compliance. This approach enables companies to leverage user data for training AI models, market research, and more.
Victor Yu, co-founder and COO of Carv, emphasized the significance of this approach, stating, “While user data has powered tremendous economic growth, individuals don’t share the value created when their information is leveraged to build billion-dollar businesses.”
Carv offers three key solutions: CARV Protocol, a modular data layer with cross-chain connectivity; CARV Play, a cross-platform credentialing system and game distribution platform; and CARV’s AI Agent, CARA, a personalized gaming assistant that integrates with web3 wallets. This innovative approach allows Carv to recommend games, activities, and projects while ensuring data privacy and user control.
Yu further elaborated on Carv’s unique proposition, “Carv differentiates itself by putting data ownership and monetization rights in the hands of users. Any revenue generated from leveraging users’ data gets shared back with the data creators and themselves.”
Since December 2023, Carv has been profitable, with monthly recurring revenue exceeding $1 million and significant month-over-month growth. The platform boasts 2.5 million registered users and over 350 integrated gaming and AI company partners.
With the new capital injection, Carv aims to further develop its CARV Protocol, ensuring scalability and broader use-case support. Additionally, Carv plans to introduce CARV Link to enhance on-chain identity and data authentication, along with CARV Database to manage various types of user data. The Series A round also saw participation from Arweave, Consensys, Draper Dragon, and several other notable investors, signifying a strong vote of confidence in Carv’s mission and potential.
