Nevermined raises $4m to build the PayPal for AI-Commerce

By Gloria Methri

Nevermined has raised over $4 million in funding to accelerate the adoption of AI-Commerce by enabling AI agents to pay and get paid. The round was led by Generative Ventures, with participation from Polymorphic Capital, NEAR, Halo Capital, Factor Capital, Lyrik Ventures and Arca.

Nevermined is developing “PayPal for AI” to enable seamless payments between AI agents, driving the transformation of commercial landscapes. The company’s protocol is designed to address the challenges of AI-Commerce, where traditional rigid payment systems fall short. Nevermined helps AI developers monetise their applications by managing payments, usage tracking, and credit systems – essentially acting as a finance and billing management platform for AI agents and tools.

“The future of commerce isn’t just about humans trading with humans anymore. It’s about AI agents transacting with other AI agents, and we need entirely new payment systems to facilitate that,” said Don Gossen, CEO of Nevermined. “This funding will allow us to accelerate our mission of building the financial rails for the emerging AI economy.”

Nevermined combines expertise in machine learning, AI, data, and Web3 to solve the complex challenges of AI-Commerce. The company has already secured partnerships with key industry players, including Olas, Naptha, peaq, FLock, and Combinder.

“Current payment infrastructure was built for static transactions, like selling t-shirts on the internet, where the price of a small shirt doesn’t change over time,” noted Aitor Argomaniz, CTO of Nevermined. “AI agents are dynamic and require an equally dynamic payments system that can respond instantly to new requests. We have built the foundation already, and now we want to grow user adoption from both AI builders and AI agents.”

The investment comes at a crucial time as McKinsey Global Institute predicts AI technologies could deliver an additional economic output of $13 trillion by 2030. Nevermined aims to unlock this potential by enabling efficient monetisation through variable pricing models and ensuring easy transactions between AI agents.

The funding will be used to accelerate the go-to-market strategy, expand the team, and strengthen partnerships within the AI ecosystem.