Ritual, an AI platform, is set to challenge the stronghold of major tech corporations. Recently, it raised $25 million in a funding round led by Archetype, with additional investments from Accomplice and Robot Ventures. This influx of capital is aimed at advancing Ritual’s initiative to develop decentralized AI technologies.
Ritual is on a mission to democratize AI’s foundational infrastructure, which is presently monopolized by a handful of influential companies. According to Ritual, this concentration of power threatens the industry’s future growth and innovation.
This move comes at a time of growing enthusiasm for merging AI with blockchain technology, underscored by the success of OpenAI’s ChatGPT-4.
Niraj Pant, one of Ritual’s co-founders, shared insights into the company’s objectives. “The control of AI by a select few major companies represents a critical risk to the future of technology,” he remarked. Ritual aims to dismantle the current ecosystem’s dependence on these entities, ensuring broader access to AI technologies and fostering a sustainable path for AI’s future. Pant emphasized that Ritual seeks to provide the decentralized framework necessary for the ecosystem’s evolution.
Pant, who has three years of experience in blockchain-focused investments, embodies Ritual’s commitment to blending AI with blockchain, aligning with the platform’s vision.
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