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Artificial Intelligence Platform Ritual Looks to 'Decentralize Access to AI' With $25M Backing
Ritual's aim is to open access to the infrastructure that lies behind AI innovation, which it claims at present "lies in the hands of a few powerful companies."
Updated Nov 8, 2023, 1:54 p.m. Published Nov 8, 2023, 1:31 p.m.
Artificial intelligence (AI) platform Ritual has raised $25 million, led by Archetype and with participation from Accomplice and Robot Ventures, to address the centralized nature of the AI revolution that has unfolded this year.
Ritual's aim is to open access to the infrastructure that lies behind AI innovation, which at present "lies in the hands of a few powerful companies," the firm said in an emailed announcement on Wednesday.
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The mainstream success of AI-powered tools like ChatGPT filtered through to the digital asset industry with the emergence of projects looking to harness AI in conjunction with blockchain technology.
“The consolidation of AI among a small group of powerful companies poses a significant threat to the future of technology," Ritual co-founder Niraj Pant said. "We founded Ritual to end the ecosystem’s reliance on the few, to open access to this critical infrastructure, and ensure a future of building better AI. Ritual is the decentralized network that the ecosystem needs."
Pant along with co-founder Akilesh Potti previously spent three years together at blockchain and crypto-focused investment firm Polychain Capital prior to forming Ritual.
Read More: Blockchain and AI Are Set to Transform Financial Markets: Moody's
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