Venice AI, a privacy-focused AI platform, has raised $65 million in a Series A funding round, achieving a post-money valuation of $1 billion. The round was led by Dragonfly, with participation from Coinbase Ventures and others. Founded two years ago, Venice AI offers access to over 200 AI models and emphasizes client-side encryption with no data retention. The platform boasts over 3 million monthly active users and handles approximately 1.7 million daily API calls. With annualized revenue surpassing $70 million, Venice AI has already reached profitability. The new funding will be used to purchase GPUs and establish its own data centers, aiming to reduce reliance on leased GPUs and enhance gross margins.