Sandeep has invested in about 124 cryptocurrency projects so far, and 18 of them were announced to be involved in construction or investment this year.

By Nancy, PANews

Recently, the AI project Sentient, which has secured a huge amount of financing solely based on its innovative open AI vision and without launching any substantial products, has sparked market controversy and made Sandeep Nailwal, one of its builders, a hot topic.

Sandeep is the co-founder and CEO of Polygon Labs, and he announced in late May that he would also serve as the Chief Business Officer, responsible for overseeing the strategic solutions related to Polygon's development. At the same time, he is also a very active angel investor.

According to the Web3 asset data platform RootData, Sandeep has invested in about 124 cryptocurrency projects so far. In terms of project types, Sandeep favors infrastructure, DeFi, CeFi, L1, and AI tracks. In terms of financing rounds, the proportion of disclosed seed rounds and Series A rounds is as high as 67.4%, with valuations usually ranging from several million to tens of millions of dollars. In terms of operational status, 91.9% of the projects have been launched on the mainnet, and 7 projects have ceased operations.

This year, Sandeep has announced his involvement in the construction or investment of 18 cryptocurrency projects. According to PANews, the main focus is on AI, ZK, DID, DEX, and infrastructure tracks, with AI projects accounting for over one-fifth. In terms of the number of investment institutions in the projects, the average number of participating institutions is 18.9, with the highest reaching 38. The probability of joint investment by institutions such as Polychain Capital, HashKey Capital, Sreeram Kannan, Animoca Brands, and OKX Ventures is relatively high. In terms of investment rounds, 9 of these projects are mainly in the seed round, and many projects have shown high valuations in the seed round stage, with the highest amount raised in the seed round reaching $85 million, and the highest disclosed valuation reaching $400 million. In addition, many of these projects are part of the Polygon ecosystem or have certain cooperative relationships.

AI

Sentient

The open-source AI platform Sentient is dedicated to building open-source AI models through community contributions to address the centralization and ethical security issues in the current AI field. Sentient plans to be built on Polygon or create its own chain through the Polygon Chain Development Kit (CDK). One of Sentient's core contributors is Sandeep Nailwal, and EigenLayer founder and CEO Sreeram Kannan has been an advisor from the beginning.

In a recent announcement, Sentient completed an $85 million seed round of financing, with lead investors including Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures, as well as 26 institutions/individual investors such as Ethereal Ventures, Robot Ventures, Symbolic Capital, Delphi Ventures, Hack VC, Arrington Capital, HashKey Capital, Canonical Crypto, and Foresight Ventures.

It is worth mentioning that Sentient was founded by Kenzi Wang, co-founder of Symbolic Capital, who is also an advisor to Polygon Labs and former Vice President of Huobi Global. Just in May of this year, Kenzi Wang, Sandeep, and other Polygon executives were reported to have maliciously planned a MEME coin scam, but the latter did not respond to this.

Prodia

Prodia is a distributed GPU network for AI inference solutions, aiming to provide more efficient and cost-effective cloud computing services using Web3 infrastructure. Most of Prodia's core team members come from the storage project Storj, including founder Monty Anderson, who was the former head of research and development at Storj Labs, CEO Shawn Wilkinson, co-founder and CSO of Storj, and chief engineer Monty Anderson, who was a senior software engineer and head of research and development at Storj.

In July of this year, Prodia announced the completion of a $15 million seed round of financing from 13 investors, including lead investor Dragonfly Capital, as well as HashKey Capital, Web3.com, Index Ventures, Symbolic Capital, OKX Ventures, and angel investors Balaji Srinivasan, Polygon founder Sandeep Nailwal, and Bloq co-founder Matthew Roszak.

OpenLedger

OpenLedger focuses on building permissionless, data-driven infrastructure for AI development. This month, OpenLedger announced that it had raised $8 million in a seed round of financing from 19 investors, including lead investors Polychain Capital and Borderless Capital, as well as HashKey Capital, Finality Capital, Hash3, STIX, MH Ventures, EigenLayer founder Sreeram Kannan, Sandeep Nailwal, and Manta Network co-founder Kenny Li, among others.

Sahara

Sahara is a decentralized AI network that is trustless, permissionless, and privacy-centric, and can create custom autonomous knowledge agents (Sahara KA) for individuals and businesses. In March of this year, Sahara announced the completion of a $6 million seed round of financing, with lead investor Polychain Capital, as well as 14 investors including Samsung Next, Matrix Partners, Motherson Group, dao5, Geekcartel, and Sandeep Nailwal.

ZK

Lumoz

Lumoz (formerly Opside) is a decentralized ZK-RaaS platform aimed at improving the efficiency of zero-knowledge computation, providing users with a global, open, and fair computing platform. It is an official CDK technology provider certified by Polygon.

In April of this year, Lumoz announced the completion of a $6 million token financing round at a valuation of $120 million, including 7 institutions/individual investors such as OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures, and Sandeep Nailwal.

Succinct Labs

Succinct Labs is a zero-knowledge proof infrastructure service provider dedicated to lowering the barriers to using zero-knowledge proof technology and helping all developers access the technology to accelerate its adoption. In March, Succinct Labs announced the completion of a $55 million seed round and Series A round of financing from 16 investors, including lead investor Paradigm, as well as Robot Ventures, Bankless Ventures, Geometry, ZK Validator, Sandeep Nailwal, and Sreeram Kannan, among others.

DID

Privado ID

Privado ID (Polygon ID) is a digital identity solution spun off from Polygon Labs, aimed at giving individuals control over their own data. The team members of Privado ID come from Polygon, with David Schwartz and Antoni Martin serving as CEO and COO, respectively, Jordi Baylina as a key figure in the development of Polygon zkEVM serving as a technical advisor, and Sandeep Nailwal serving as a growth advisor.

Humanity Protocol

Humanity Protocol is a DID protocol based on the Polygon CDK, dedicated to ensuring user privacy and security using palm print recognition technology and zero-knowledge proofs, aiming to provide an easily accessible and non-intrusive way to establish human proof in Web3 applications. In late February, Humanity Protocol announced strategic investments from 23 investors, including Hashed, CMCC, Cypher Capital, Foresight Ventures, Animoca Brands founder Yat Siu, and Sandeep Nailwal.

DEX

Ooga Booga

Ooga Booga is a liquidity aggregator in the Berachain ecosystem, aiming to support Berachain in becoming the most capital-efficient blockchain. Ooga Booga raised $1 million in seed round financing at a valuation of $10 million from 28 investors, including Cypher Capital, CitizenX, Rubik, Rana, and Sandeep Nailwal.

Dolomite

Dolomite is a decentralized trading protocol in the Arbitrum ecosystem, receiving strategic financing of $900,000 from 14 investors, including Sandeep Nailwal, Polygon Labs CEO Marc Boiron, and DCF GOD.

Others

Mystiko Network

Mystiko Network is a Web3 infrastructure layer, and the Mystiko SDK is a universal ZK SDK that provides scalability, interoperability, privacy, and artificial intelligence for each blockchain/DApp.

In late March of this year, Mystiko.Network announced a seed round financing of $18 million at a valuation of $4 billion from 11 investors, led by Sequoia Capital India/SEA (Peak XV Partners), with participation from Samsung Next, Hashkey Capital, Mirana, Signum, Coinlist, and Sandeep Nailwal, among others.

GAM3S.GG

GAM3S.GG is a Web3 gaming information platform aimed at bringing gamers into Web3 through game discovery, content, live streaming, and community activities. In a strategic financing round announced in March, GAM3S.GG raised $2 million from 31 investors, including Sandeep Nailwal, YGG co-founder Gabby Dizon, Sky Mavis & Ronin co-founder Jiho Zirlin, among others.

Ava Protocol

Ava Protocol is an intent-based Eigenlayer AVS that seamlessly supports private autonomous transactions for various use cases such as DeFi, NFTs, and gaming. In June, Ava Protocol announced the completion of an initial investment of $5.5 million and an additional seed round financing of $4.5 million, with participation from Electric Capital, Taisu Ventures, and Sandeep Nailwal, among 13 investors.

Lava Foundation

Lava Foundation is a newly established non-profit organization dedicated to developing the modular blockchain network Lava, which focuses on providing data access services through remote procedure calls (RPC). In early May, Lava Foundation announced the successful raising of $11 million in token funding, with participation from Animoca Brands, Gate.io Ventures, CoinGecko Ventures, and Sandeep Nailwal, among 7 investors.

Layer3

Layer3 is a token distribution protocol that unifies user activities across multiple blockchains and applications to more effectively distribute tokens. The project is currently developing a new AI protocol to optimize token distribution strategies, expected to be launched later this year.

Layer3 has completed multiple rounds of financing, including an announcement in June of this year of a $15 million Series A financing from 38 investors, co-led by ParaFi and Greenfield Capital, with participation from Sandeep Nailwal, Electric, and others in 2022.

Beacon

Beacon is a Web3 startup accelerator founded by Sandeep Nailwal, announcing in February of this year that it has raised over $150 million in funding over the past year.

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