$1 Billion Valuation: Venice AI Raises $65M Led by Dragonfly

Venice AI, a privacy-focused AI startup founded by crypto entrepreneur Erik Voorhees, has reached a $1 billion valuation after raising $65 million in a Series A funding round led by Dragonfly.

The company claims to have 3.5 million users and has reportedly become profitable in Q1 2026 with annualized revenues of over $70 million.

The funding will be used to build Venice's own data center, expand its user base, and hire staff. The company plans to make itself a 'mass market consumer app for at least a few hundred million people and several billion AI agents.'

Voorhees stated that the company still holds more than 30 million VVV tokens and has not sold any to date, despite the token rising over 700% this year.