December 18, 2024 · 12:06 PM PST
Image Credits: Bluesky, Julie Bort
Bluesky Gets a $1M Fund to Take On Social Media and AI
Successful tech companies often follow a predictable pattern: from product to platform, where other startups build businesses on top of theirs. To spur this growth, they often launch their own fund. In this case, someone else has launched a fund to help the fast-growing social media site Bluesky, which now claims 25 million users.
The Rise of Bluesky
Bluesky is the decentralized social app from Jack Dorsey (although he left the Bluesky board in May). It was launched five years ago and has taken off as an alternative to Elon Musk’s X. The platform’s user base has grown exponentially, and it has become a hub for users seeking a more decentralized and open-source social media experience.
The Skyseed Fund
On Wednesday, Peter Wang, the founder of open source and Python bigwig, announced the fund, dubbed Skyseed, with an initial $1 million war chest. The fund will offer grants to those building on Bluesky’s open source AT Protocol. It is looking for tech like data privacy controls for AI usage and apps for parents/children and local communities.
Correction
Bluesky has clarified that this fund is independent of the company, and we have updated the story to reflect this information. The Skyseed Fund will operate independently and make its own decisions regarding grants and investments.
Topics
- Bluesky
- Data privacy
- In Brief
- Social media startups
- Venture
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