Magne.AI Raises $10 Million to Power Web3 AI Smartphone Development

Magne.AI, a U.S.-headquartered technology firm, has announced it has raised $10,000,000 in its latest funding round. This capital injection is set to accelerate the development and market penetration of its innovative Web3-native AI smartphone. Magne.AI’s device is designed for secure asset ownership, on-device intelligence, and seamless participation in decentralized networks. The company's core offering integrates a hardware wallet, local AI compute capabilities, and a Layer2 blockchain directly into a single device. This combination aims to provide a robust solution for users and builders operating at the edge of the decentralized internet. By offering an all-in-one approach, Magne.AI seeks to simplify access and enhance security for interactions within the Web3 ecosystem. The successful close of this funding round underscores investor confidence in Magne.AI's vision and its approach to blending AI with blockchain technology within a consumer device. The $10,000,000 investment will primarily be allocated towards expanding research and development efforts, scaling operations, and growing the team. Magne.AI plans to use the funds to further refine its technology, enhance user experience, and prepare for broader market deployment. This funding positions Magne.AI to solidify its presence in the evolving Web3 and AI convergence space. The company anticipates leveraging this capital to drive its strategic initiatives, aiming to empower more users with secure, intelligent, and decentralized device capabilities as it continues to advance its product roadmap and expand its market reach.