MyShell Secures $11M Funding to Enhance Crypto-AI Platform for OpenVoice Users

Is MyShell, a generative AI platform enabling users to create text-based chatbots and "AI girlfriends," really worth over $16 million? Investors seem to believe so, as the company recently secured an $11 million pre-Series A round from Dragonfly, Delphi Ventures, Bankless Ventures, Maven11 Capital, Nascent, Nomad Capital, and OKX Ventures, building on a $5.6 million pre-seed funding from last year. This brings its total fundraising to $16.6 million.

Originating from Singapore and Tokyo, MyShell made its mark last year and is known for its AI character and user-generated bot creation platform. It also launched the open-source voice cloning model, OpenVoice, in early 2024. Users can interact with MyShell's chatbots via web, Discord, or Telegram.

MyShell lets users engage in text, audio, or animated video chats with bots, whether developed by MyShell or the community. Users can also create their own bots and select the underlying AI model that drives the interactions.

During a recent video interview, MyShell CEO and co-founder Ethan Sun stated, “Our mission is to advance open developments in various AI foundation models.”

Presently, MyShell integrates with OpenAI’s GPT-3.5/4 through their API (with MyShell covering the costs) and their own MyShell LLM, dubbed “ShellLLM,” which is trained on a vast array of private data from novels, movies, anime, and TV shows to enhance roleplay realism.

Similar to Character AI and OpenAI’s GPT Builder, MyShell offers an intuitive pathway for creating AI chatbots with distinctive personalities, identities, response styles, and expertise. It enables chatbot creators to share their work with others while allowing users to discover and engage with these bots.

A Blockchain Play Beneath the Surface

What sets MyShell apart from other platforms is its own blockchain-based cryptocurrency system. Users can acquire Shell Coin and the $SHELL token, which will eventually be used to purchase premium features and reward chatbot creators.

To create a bot on MyShell, sign up at https://app.myshell.ai/, navigate to the “Workshop” tab, and follow the instructions to customize your AI-powered chatbot. The platform encourages creators by rewarding them with tokens.

MyShell will also incentivize creators whose bots garner significant engagement with additional tokens—reminiscent of OpenAI’s GPT Store, which promises revenue-sharing for custom GPT builders.

The company plans to generate revenue through three primary avenues: charging fiat currency for promoting chatbots on its landing pages, offering subscription plans to users for extensive usage, and imposing fees for users investing tokens in popular AI chatbots.

AI Girlfriends, Copyrighted Characters, and Productivity Tools

So far, MyShell has spotlighted the creation of “AI girlfriends” and features user-generated chatbots based on copyright-protected characters like Walter White from "Breaking Bad" and Rick Sanchez from "Rick & Morty," available for text, animated video, and voice interactions.

The inaugural MyShell chatbot, created by the founders, was named “Samantha,” a nod to the AI assistant in the 2013 film "Her."

In response to concerns about focusing on AI girlfriends and the potential for sexist or dehumanizing implications, Sun mentioned that “character is just one subset of the broader range of AI applications” available on the platform. He also highlighted that MyShell provides NSFW content toggles to give users control over their experiences.

Additionally, MyShell's web app promotes user-generated chatbots for a variety of functions, including translation, psychotherapy, logo design, resume critiques, coding, fortune telling, and tarot reading.

With over a million registered users and 50,000 creators, MyShell aims to leverage its recent funding to enhance its open-source foundational model, empower AI creators, cultivate a democratic AI platform, and support the open-source community, as stated in a recent press release.