Skyfire has launched its Artificial Intelligence (AI) focused payments network with support from a $8.5m seed funding round.
The San Francisco-based startup’s objective is to build a payments network that enables AI agents to make autonomous transactions.
Skyfire has created an operating layer that it believes delivers critical missing components for AI commerce, including secure wallet access, verifiable agent identity, and an open payment protocol for service requests, purchasing decisions, and instant transactions without human interference.
The company was founded by former Google and Ripple executives Craig DeWitt and Amir Sarhangi, with Dewitt taking on the role of Head of Product and Sarhangi becoming CEO.
AI has taken the world by storm and is being used by a growing number of businesses for a wide array of activities such as content writing, creating spreadsheets and customer assistance, to name a few.
However, there is a limit to the tasks AI can complete due to them not being able to complete transactions on a person’s behalf, which is what Skyfire aims to make possible. This means that AI could potentially be used to book flights or build new apps, services, websites and businesses.
Therefore, the company has created a new, secure payments system that will allow end-users to give AI agents a set amount of money and have them spend it on their behalf.
DeWitt commented: “AI can’t truly change the world until it can transact freely. Agents need more than intelligence; they need the autonomy to complete economic tasks without human intervention. That’s the AI economy.”
Key features of Skyfire’s comprehensive financial stack include:
- Open, Global Payments Protocol: Allows AI Agents to access LLMs, datasets, and API services without requiring traditional payment methods like subscriptions or credit cards. This open protocol ensures global interoperability and seamless transactions.
- Automated Budgets and Control: Developers and their customers can set specific spending limits, ensuring that AI Agents operate within predefined business parameters. This feature supports both single transactions and ongoing campaigns.
- AgentID & History Verification: Skyfire provides open identifiers for AI Agents, ensuring secure authentication and authorization. The system also maintains a history of transactions, offering an additional layer of trust and verification for both Agents and service providers.
- Verification Service: The platform includes a verification service for Agent developers and businesses, granting users visibility and control over network connections. This helps maintain a secure and trustworthy ecosystem for autonomous transactions.
- Funding On-Ramps: AI Agents can be funded through traditional banking methods or stablecoins, with all transactions completed instantly.
Previously the two Co-Founders worked together at Ripple, which also happens to be one of the institutions funding Skyfire.
Other funders are Neuberger Berman, Brevan Howard Digital, Intersection Growth Partners, DRW, Inception Capital, Arrington Capital, RedBeard Ventures, Sfermion, Circle, FBG, Gemini, Crossbeam Venture Partners, EveryRealm, Draper Associates and ARCA.
Sarhangi said: “AI Agents are a brand new customer base for businesses and a game-changing opportunity. Agentic AI commerce will surpass every payment innovation we’ve known, from credit cards to PayPal.
“We see a future where millions of AI Agents transact globally and autonomously through Skyfire, driving new revenue streams and transforming the way business is done.
The payments and financial sector has increased its adoption of AI in recent months. For instance, JP Morgan Chase launched a new “LLM Suite” generative AI tool to help its employees with daily tasks in July.
