Former Google and Ripple executives have successfully raised $8.5 million for their startup, Skyfire, which is focused on creating a payments network that allows AI agents to conduct autonomous transactions.
AI agents, designed to perform specific tasks and automate user processes, are increasingly prevalent. However, Skyfire posits that these agents are hampered by their inability to process payments without human oversight.
“AI can’t truly change the world until it can transact freely. Agents need more than intelligence; they need the autonomy to complete economic tasks without human intervention. That’s the AI economy,” states Craig DeWitt, Skyfire’s head of product.
Skyfire has developed a foundational layer that it claims provides essential components for AI commerce. This includes secure wallet access, verifiable agent identity, and an open payment protocol that facilitates service requests, purchasing decisions, and instant transactions independently of human action.
DeWitt and CEO Amir Sarhangi, who previously collaborated at Ripple, have noteworthy backgrounds, with Sarhangi having founded Jibe Mobile, which was acquired by Google and became integral to Android Messenger.
Sarhangi explains, “AI agents represent a new customer base for businesses and present a game-changing opportunity. Agentic AI commerce will outstrip every payment innovation we’ve seen, from credit cards to PayPal. We envision a future where millions of AI agents transact globally and autonomously through Skyfire, creating new revenue streams and revolutionizing business practices.”
The funding for Skyfire comes from a variety of investors, including Neuberger Berman, Brevan Howard Digital, Intersection Growth Partners, DRW, Inception Capital, Arrington Capital, RedBeard Ventures, Sfermion, Circle, FBG, Gemini, Crossbeam Venture Partners, EveryRealm, Draper Associates, and Ripple.
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