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LabDAO, an autonomous decentralized organization with a primary focus on open-source drug discovery, has successfully secured $3.6 million in funding through a round co-led by and Village Global.

The funding round also saw participation from several other notable entities, including North Island Ventures, Seed Club Ventures, ID Theory, Road Capital, Curve Labs,, Molecule, Gnosis DAO, The LAO, Orange DAO, Beaker DAO, Spaceship DAO, and Balaji Srinivasan, the former chief technology officer of Coinbase, among others.

The fundraising announcement coincided with the introduction of the PLEX software platform, enhancing its impact.

PLEX serves as the interface for scientists to engage with the Lab exchange. Initially, the platform will offer computational services, with plans to incorporate physical laboratory services in the future. LabDAO has streamlined resource-intensive computational services into containerized formats, simplifying data processing tasks.

Scientists can enhance their data ownership verification by connecting the output to non-fungible tokens (NFTs).

“Over the last couple of years, artists were able to go directly into the NFT movement. They were able to create artwork and share that with their followers. Scientists are also creators – you could say to some extent that scientists are the original creator class. They should also be able to create artwork and share that with their followers,” Niklas Rindtorff, co-founder and CEO of the Openlab Association, said during an interview with CoinDesk.

“The problem though is that science is a bit more complex. Science is a team sport – very rarely do you have one scientist that’s able to take a project all the way through to completion on their own and create something new,” he continued. “That means you need to find mechanisms to collaborate as a scientist. What we identified early is a need for an exchange where scientists can trade laboratory and computation services.”

Openlab is a non-profit organization based in Switzerland established by the LabDAO team, aiming to enhance its clarity and expressiveness.

The decentralized autonomous organization (DAO) structure of LabDAO is still in progress. According to TK, LabDAO's current priority is to develop the exchange and ensure that it offers practicality for scientists within and beyond academia. LabDAO aims to establish the exchange beforehand so that when the DAO and its associated token are prepared, there will already be a platform to govern and an engaged community to participate in it.

Decentralized science (DeSci) is an emerging sector within the cryptocurrency industry that has garnered significant attention from diverse investors. Recently, VitaDAO, a company dedicated to advancing health longevity, successfully secured $4.1 million in funding. Notably, this funding round included participation from Pfizer, the renowned pharmaceutical giant, through its venture capital arm.

Source Coindesk