OceanPal has closed a private funding round totaling $120 million to support the launch of its AI-focused subsidiary, SovereignAI, which will commercialize AI infrastructure built on the NEAR blockchain.
According to the company, the investment will allow OceanPal, through SovereignAI, to become a public investment platform offering access to NEAR tokens and cutting-edge AI infrastructure crucial for developing an autonomous agent-based economy.
The NEAR protocol will serve as the foundation for creating agent-based AI with features for privacy, automation, and asset management. SovereignAI also intends to acquire at least 10% of NEAR’s total token supply, securing control over next-generation AI infrastructure and enabling a confidential cloud solution for businesses integrated with blockchain technology.
The company is led by OceanPal co-CEOs Sal Ternullo and new COO David Shved. The advisory board of SovereignAI includes Ilia Polosukhin, CEO of NEAR Foundation.
The funding round attracted support from major crypto investors such as Kraken, Proximity, Fabric Ventures, and G20 Group. Clear Street and Cohen & Company Capital Markets (CCM) acted as financial advisors and placement agents, while Sealion Capital served as OceanPal’s consultant.
Previously, Bitwise had submitted an application to the U.S. Securities and Exchange Commission to launch a spot NEAR ETF.
