AI Creator Bot Platform MyShell Raises $5.6 Million at $57 Million Valuation

Summary:
• MyShell is building an ecosystem where creators have full legal rights to their creations and are fairly compensated for their work.

MyShell, a platform building the creator economy driven by AI, has announced that it just recently closed a $5.6 million funding round. The opBNB-based platform says that the equity-offering seed round was based on a valuation of $57 million. Investors in the round will get their piece of the company in the form of token warrants. 

The news comes at a time when MyShell is transitioning from Polygon to opBNB. The latter is a Layer 2 network built on BNB Chain, and it runs on Optimism’s OP Stack or Optimistic rollups technology.

MyShell’s focus on the creator economy

Established in April, project is on a mission to catalyse the expansion of earning opportunities for creators from all backgrounds. It says that it has attracted over 400,000 users and over 30,000 creators within its short existence, and it has built one of the largest AI community on Web3. The latest round, led by INCE Capital, follows one held earlier in the year, which raised $200,000. Other investors in the latest round included Folius Ventures, Hashkey Capital, SevenX Ventures, TSVC, OP Crypto, and others.

MyShell wants to be the go-to AI content platform in the whole of the Web3 ecosystem. The platform enables its users to create their own customised chatbots, known as “Shells.”  To do this, it employs Generative AI technologies, such as Large Language Models (LLM), Image Generation, and Voice Cloning. The company says that it aims to create an ecosystem where users have full legal rights to their creations and, equally important, to receive fair compensation for their efforts.

The platform serves as a meeting point for creators of AI content bots and content consumers. Here, creators churn out content, and users pay for the products they like. MyShell says that it will channel most of the funds raised in the latest round to build a thriving creator ecosystem on the blockchain, in addition to creating proprietary AI models and a Creator Studio. The project is uniquely innovative and has significant potential to push the creativity industry to new highs, driven by AI, without unfairly hurting creators and users. 

MyShell will distribute its native token to creators once their content bots gain traction. Meanwhile, users will continue to earn by staking tokens on top of AI bots.