Carv, a data layer platform that lets web3 gaming and AI companies, as well as gamers, control and monetize their data, has raised a $10 million Series A round led by Tribe Capital and IOSG Ventures.
This funding milestone follows a strategic investment round led by HashKey Capital just five months prior. Although Carv has not disclosed its current valuation or total funding, in 2022, its seed round led by Temasek’s Vertex Ventures valued the company at approximately $40 million.
Carv’s primary focus is on gaming and AI industries, recognizing the immense potential for users to control and profit from their data. Through Carv’s platform, users can securely share their data with corporate clients while safeguarding their privacy and adhering to regulations. This data can then be utilized for AI model training, market analysis, and more.
Victor Yu, Carv’s co-founder and COO, emphasized the need to redistribute the value created from user data back to its creators. Carv distinguishes itself by empowering users with ownership and monetization rights over their data. Its solutions include the CARV Protocol, facilitating cross-chain data connectivity, CARV Play for credentialing and game distribution, and CARA, an AI gaming assistant.
Carv has maintained profitability since December 2023, boasting monthly recurring revenues exceeding $1 million and experiencing substantial month-over-month growth. Currently, the platform boasts 2.5 million registered users and collaborates with over 350 gaming and AI companies.
With the fresh capital infusion, Carv aims to enhance its CARV Portal’s scalability and expand its functionality to accommodate diverse use cases. Additionally, it plans to introduce CARV Link for on-chain identity and data authentication and CARV Database for comprehensive user data management.
Arweave, Consensys (developer of MetaMask and Linea), Draper Dragon, Fenbushi Capital, LiquidX, MARBLEX, (the web3 arm of Korean gaming company Netmarble), No Limit Holdings and OKX Ventures also participated in the Series A round.
