# Introduce: 0G Labs 

**Published by:** [Imensidaof](https://paragraph.com/@imensidaof/)
**Published on:** 2024-07-11
**URL:** https://paragraph.com/@imensidaof/introduce-0g-labs

## Content

0G Labs has completed a Pre-Seed funding round, raising $35 million to develop a modular AI blockchain. The project aims to address speed and cost efficiency issues in the Web3 ecosystem by leveraging modularity. According to TechCrunch, 0G Labs initially planned to raise $5 million, but after Hack VC became the lead investor, the company garnered significant interest from over 40 institutional cryptocurrency investors, resulting in investment commitments exceeding $100 million. Ultimately, 0G Labs secured $35 million, selecting the most favorable investors. Team 0G Labs is led by Michael Heinrich (CEO) and Ming Wu (CTO), who first met while Michael was at Stanford and Ming was at Conflux. Michael has a background in entrepreneurship and finance, and experience founding unicorn-scale companies: from 2014 to 2023, he founded and led Garten, a company specializing in wellness technologies and workplace well-being. Ming, after earning his PhD, worked at Microsoft Research Asia for over 11 years, where he served as a lead researcher and manager. He gained extensive experience in building large-scale distributed data structures, which he applied in developing 0G. Additionally, Ming is a co-founder of Conflux, a high-performance L1 blockchain. The funds raised will be used to hire engineers, expand market capabilities, and grow the community and ecosystem. 0G Labs plans to launch its mainnet in Q3 2024, featuring a second-layer blockchain and a large user base. The company has also announced plans to develop DApps. The modular AI blockchain is expected to enable new, challenging use cases such as on-chain AI, gaming, and high-frequency DeFi. Heinrich, co-founder of 0G Labs, stated: “You can build any application on the 0G Labs platform, but it is particularly valuable for high-performance DApps that require extensive on-chain interactions, such as on-chain AI, blockchain games, high-frequency DeFi, and data markets, which will showcase the platform’s true value.

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