Venice raised $65 million in a Series A round led by Dragonfly at a $1 billion equity valuation, marking its first outside capital raise.

According to NS3.AI, Series A investors received 8.98% equity, a 1.5 million VVV vesting grant, and warrants to buy an additional 5 million VVV over eight years.

The report said Venice opted to use stock rather than issuing its own token.