New startup, Volcanic lava paymentsIt aims to take the giants by building a solution to the modern network where artificial intelligence agents deal with their customer transactions. The idea came to the founder Mitchell Jones after he left the YOMBINATOR FINTECOR, which is Lindtable, who started experimenting with artificial intelligence.
He saw the ability to build a system that would use the use of AI and Agent Spare payments and more suitable for developers. While trying the AI application and trying to build what I think is a simple thing, I realized that he quickly spent more than $ 400 in an attempt to build a basic agent to fill the models.
“I kept running in the same case,” he told Techcrunch. “I used the same basic models and tools over and over again, but through different covers or platforms.” Each time, he had to start a new subscription, restore conflict, and pay separately, “although I was already paying to reach the basic model.”
“I felt a break mainly,” continued. “I didn’t want to continue to re -delegate the same under a different cover. What I wanted is one portfolio, one set of credits, the ability to move between Otops and service providers without starting again so that I could pay the price of what I was using.”
Decide the launch Volcanic lava payments Kohl.
The lava is a digital portfolio that allows traders to use use of use to facilitate transactions.
The idea is that one group of credits that work through merchants and services makes it easy for independent agents to make payments without having human intervention. It works like this: The merchant can enable the lava wallet for its customers to use and upload money (credits). Once the customer does this, they can take this money and use it in any merchant who also accepts volcanic lava and any of the founding models, such as GPT and Claude, to “pay as you go,” said Jones.
Therefore, instead of having to pay the price of each tool, the user buys one time balance using artificial intelligence agents simply imposing fees on different tasks. No more user’s request to agree to the transaction after the transaction.
“Without volcanic lava, agents cannot move smoothly online because they are constantly banned when the time is to pay,” he said. I used Google as an example, saying every time a person opens Google Maps, they shouldn’t pay Google for this map, because they already paid Verizon and AT & T to access the Internet.
On Wednesday, the startup company announced a seed tour of $ 5.8 million, led by Larr Hippo.
In this space, others include startups such as startups Metunum.
“We see that the world was very interrelated,” Jones said about what makes his product different. “What we really focus on is building (for the national economy of the agent.”
Mitchell Jones was born to a family working in Dayton, Ohio, that his parents have always told him that the best way to move forward is hard work, save money, and get a good education.
“You know, a lot of things that most people are told,” remember, when talking to Techcrunch.
Jones took this advice to the heart. He got a good education (YALE), got some good jobs (Goldman, Meta), then founded some companies (Fintechs Parable and Lindtable, and the latter was YC S20).
Jones said he met his main investors in the lava because he went to high school with Whale McKelvey, now an investor at Ler Hippeau. He said McKelvy continued his career for a while and always wanted to work together, and lava’s lava payments were one day.
Others included Harlem Capital, simplified projects, and the West. The new capital will be used to use the products, and to develop going to the market.
In general, Jones are ready to fold the lava to be “the invisible layer that is this type of power of the artificial intelligence network”, especially because artificial intelligence agents find themselves more and more in the exit line.
He said: “We must enable the agents to move, deal and build without friction.”
“We want to make sure that artificial intelligence is something that can be used by every person, even a child from Dayton, like me.”
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