{"id":82554,"date":"2023-11-09T10:25:45","date_gmt":"2023-11-09T15:25:45","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/decentralized-ai-startup-ritual-raises-25-million\/"},"modified":"2023-11-09T10:25:50","modified_gmt":"2023-11-09T15:25:50","slug":"decentralized-ai-startup-ritual-raises-25-million","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82554","title":{"rendered":"Decentralized AI Startup Ritual Raises $25 Million"},"content":{"rendered":"<div>\n<figure id=\"attachment_129219\" aria-describedby=\"caption-attachment-129219\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-129219\" class=\"wp-caption-text\">Ritual raises $25M to build a decentralized AI network. <em>Image by ipopba, Adobe Stock.<\/em><\/figcaption><\/figure>\n<p><strong>Ritual<\/strong>, a startup building a decentralized platform for artificial intelligence, has raised <strong>$25 million<\/strong> in a seed funding round. The funding was led by venture capital firm <strong>Archetype<\/strong>, with participation from <strong>Robot Ventures<\/strong> and <strong>Canonical<\/strong>.<\/p>\n<p>The San Francisco-based startup seeks to provide universal access to AI technology. Currently, innovation and access to high-quality AI like large language models is <strong>concentrated at big tech companies<\/strong> like Google, Microsoft, and Meta. Ritual wants to change that by building an open, <strong>decentralized network<\/strong> for hosting, training, and running AI models.<\/p>\n<p>\u201cThe consolidation of AI among a small group of powerful companies poses a significant threat to the future of technology,\u201d said Niraj Pant, co-founder of Ritual in a press release. \u201cWe founded Ritual to end the ecosystem\u2019s reliance on the few, to open access to this critical infrastructure, and ensure a future of building better AI.\u201d<\/p>\n<h2>Democratizing Access to Cutting-Edge AI<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Ritual\u2018s network connects distributed computing devices to power various AI workloads, allowing anyone to participate in training and running models, not just large tech companies with massive computing resources.<\/p>\n<p><noscript><iframe loading=\"lazy\" title=\"Decentralized Artificial Intelligence\" width=\"880\" height=\"495\" src=\"https:\/\/www.youtube.com\/embed\/GWOdAAFoSFE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/noscript><\/p>\n<p>An <strong>API layer<\/strong> provides easy access to models hosted on the network. A proof system offers guarantees around <strong>computational integrity<\/strong>. The <strong>decentralized nature<\/strong> of Ritual also makes it <strong>resistant to censorship<\/strong> and provides inherent data privacy and verifiability.<\/p>\n<p>\u201cRitual is building the leading decentralized AI network, expanding the potential for every single company \u2013 from crypto to enterprise \u2013 to innovate on this new frontier of technology,\u201d said Ash Egan, founder of Archetype.<\/p>\n<p>Unique use cases enabled by Ritual\u2019s decentralized approach include autonomous agents and integrating AI with decentralized finance (DeFi) protocols to enable dynamic governance.<\/p>\n<p>The startup claims it\u2019s the first platform allowing smart contracts to natively integrate AI capabilities. Enterprises can also leverage the network for <strong>private fine-tuning<\/strong> and inference with foundation models.<\/p>\n<h2>Strong Team to Realize the Vision<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Ritual was founded by Pant, former investor at Polychain Capital, and Akilesh Potti, a machine learning researcher turned quant at Palantir.<\/p>\n<p>The 15-person team combines experts from OpenAI, Coinbase, Palantir, and other leading technology companies.<\/p>\n<p>Ritual plans to use the new funding to build out the network, hire key roles, and grow its ecosystem of users. The company is targeting an <strong>alpha launch in early 2024<\/strong>.<\/p>\n<p>Advisors include AI and crypto experts like NEAR Protocol co-founder Illia Polosukhin, EigenLayer founder <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/sreeramkannan\">Sreeram Kannan<\/a>, and Robot Ventures GP Tarun Chitra.<\/p>\n<p>\u201cRitual is building long-term infrastructure for safe and secure open-source AI innovation across all industries, and has the potential to power the next wave of growth and innovation,\u201d said Polosukhin.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/decentralized-ai-startup-ritual-raises-25-million.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ritual raises $25M to build a decentralized AI network. Image by ipopba, Adobe Stock. Ritual, a startup building a decentralized platform for artificial intelligence, has raised $25 million in a seed funding round. The funding was led by venture capital firm Archetype, with participation from Robot Ventures and Canonical. The San Francisco-based startup seeks to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-82554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Decentralized AI Startup Ritual Raises $25 Million | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Ritual raises $25M to build a decentralized AI network. 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