Venice AI raises $65 million, valuation hits $1 billion, but the 'equity + token' structure sparks controversy This privacy-focused AI company has an annualized revenue exceeding $70 million and plans to use the new funds to purchase GPUs and build its own data center. The controversy lies in the fact that equity investors gain legal rights, while VVV holders mainly rely on the company's buyback and burn commitments. This raises an old question once again: when an AI company has both equity and tokens, where should the value ultimately flow?