TLDR:
- Polychain Capital invests in Ritual, an AI platform decentralizing AI systems.
- Ritual aims to address centralized AI systems controlled by tech giants like Microsoft and Alphabet.
Polychain Capital, a prominent blockchain-focused venture capital firm, has invested in Ritual, an AI platform seeking to decentralize AI systems. The exact amount of funding from Polychain Capital was not disclosed, but it is said to be a “multimillion-dollar” investment. This investment comes after Ritual’s $25 million funding round led by Archetype, Accomplice, and Robot Ventures in November. Ritual’s goal is to tackle the centralized nature of AI systems and the concerns surrounding big tech companies like Microsoft, Meta, and Alphabet dominating the AI landscape, resulting in an oligarchy. By introducing decentralization in data storage and infrastructure access, Ritual aims to create a more open and collaborative environment for AI development.
Ritual’s collaboration with Polychain Capital is centered around a common goal of advancing cryptocurrency adoption and focusing on emerging technologies and their use cases. Ritual’s technology includes a custom-built VM for AI operations and a decentralized oracle network known as Infernet, enabling smart contracts to access AI models for various on-chain tasks. The partnership is said to be crucial in enhancing product development, expanding into new markets, and promoting community growth. As AI gains significant attention in the blockchain industry, the collaboration between Ritual and Polychain Capital is expected to drive innovation and progress in the field.
