Venice Raises $65M Series A at $1B for Private AI

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Venice, an AI company based in Sheridan, Wyoming, has raised a $65 million Series A at a $1 billion valuation, its first outside fundraise. The round, which closed in the first week of July 2026, was led by the crypto-focused firm Dragonfly, with participation from Coinbase Ventures, North Island Ventures, F-Prime, Archetype, Liquid2 Ventures, and Morgan Creek.

Co-founded in 2024 by crypto entrepreneur Erik Voorhees and technology veteran Jesse Proudman, Venice positions itself as a private and unrestricted alternative to mainstream AI services. It offers access to a mix of open source and commercial AI models, and says it does not log or store users’ prompts and responses on its own servers, keeping conversations on people’s own devices.

The company says it is already profitable, with annualized run rate revenue above $70 million. It reports more than 3.5 million registered users, processes about 1.3 trillion tokens a month, and turned profitable in the first quarter.

Venice plans to use the capital to build its own data center infrastructure, owning the GPUs that run its service rather than renting that computing power, and to invest in growth as it works to become a mainstream consumer brand.