Venice AI secured a $65 million Series A financing that pushes its valuation to $1 billion, granting the startup unicorn status just two years after its launch. The round, led by crypto‑focused venture firm Dragonfly, also attracted capital from Coinbase Ventures, North Island Ventures and several other investors.
Founded by Erik Voorhees, a long‑time bitcoin advocate who previously built the gambling site Satoshi Dice and the exchange ShapeShift, Venice AI positions itself as a privacy‑first alternative to mainstream AI services. The platform hosts more than 200 open‑source and proprietary models, ranging from text generators to image, audio and video creators. Users can choose models with varying levels of censorship, and the site prominently features customizable AI “characters” that claim to deliver an “uncensored” experience.
Privacy is baked into every step of the service. All user input is encrypted on the client side, then routed through an external proxy before reaching the model. Venice never stores raw data on its own infrastructure, and for certain models it offers end‑to‑end encryption—though that feature requires a paid subscription. The company’s architecture allows it to route queries to closed‑source models from providers like OpenAI and Anthropic while keeping the user’s data insulated from those third parties.
Demand for the platform has surged. Venice AI reports more than 850,000 unique visitors to its website and over 3 million active users. On a typical day the service processes about 1.7 million API calls. The company already runs an annualized revenue run‑rate exceeding $70 million and is profitable, according to Voorhees during an exclusive interview with TechCrunch.
Besides its core offering, Venice AI has introduced two crypto tokens—VVV and DIEM—to attract and retain users. Launched in early January, VVV can be staked to mint DIEM, which provides holders with $1 worth of AI credits each day. While only roughly 8 % of users pay with crypto, the tokens have helped the startup close the performance gap with market leader ChatGPT, a factor Voorhees cites as a key driver of growth.
Looking ahead, the fresh capital will fund the purchase of GPUs and the construction of proprietary data centers, a move aimed at reducing reliance on leased hardware and improving gross margins. Voorhees says the company plans to reinvest in infrastructure to sustain its rapid expansion and continue delivering a private, uncensored AI experience.
When asked about the societal implications of unrestricted AI, Voorhees likened the platform to Bitcoin’s neutral protocol, emphasizing that the technology itself is not inherently dangerous. He warned that pervasive surveillance poses a greater risk than any single controversial query, underscoring Venice AI’s commitment to user agency and adult‑level freedom.
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