Ritual, an AI platform, is poised to challenge the dominance of large corporations in technology. The platform recently secured $25 million in a funding round led by Archetype, with contributions from Accomplice and Robot Ventures. This funding aims to bolster Ritual’s project of developing decentralized AI.
Ritual’s mission is to democratize the core infrastructure of AI innovation, which is currently concentrated in the hands of a few powerful companies. This monopolization, Ritual argues, poses risks to the industry’s future.
The platform’s development coincides with rising interest in combining AI with blockchain technology, a trend highlighted by the success of OpenAI’s ChatGPT-4.
Niraj Pant, a co-founder of Ritual, commented on the venture’s goals. “AI’s control by a small group of influential companies is a significant threat to technology’s future,” he stated. Ritual was founded to break the ecosystem’s reliance on a minority of companies, to facilitate easy access to this technology, and to ensure a sustainable future for AI development. According to Pant, Ritual represents the decentralized network that the ecosystem needs.
Pant’s background includes three years of experience in blockchain-focused investment, aligning with Ritual’s vision of integrating AI and blockchain technologies.