Crypto VC Polychain Capital has joined Ritul as a lead investor.
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Polychain Capital, a prominent blockchain-focused venture capital firm, has invested heavily in an artificial intelligence (AI) platform that aims to decentralize AI systems. The undisclosed “multimillion dollar” investment is on top of Ritual's $25 million round of funding in November, led by Archetype, Accomplish and Robot Ventures.
Ritual's mission is to address the centralized nature of AI systems and the growing concern that Big Tech giants like Microsoft, Meta, and Alphabet dominate the AI landscape, creating an oligarchy. By introducing decentralization to data storage and infrastructure access, Ritual aims to provide a more open and collaborative environment for AI development.
“AI x Crypto represents one of the most exciting new environments for crypto technologists, with a near-field design space for AI-enabled protocols to build upon,” Ritual said in a blog post.
The partnership between Ritul and Polychain Capital is built on a shared vision to accelerate the adoption of cryptocurrencies and focus on emerging technologies and their emergent use cases. Ritual's technology includes a custom-built VM for AI operations and a decentralized virtual network called Infernet, which allows smart contracts to access native AI models for various on-chain use cases and tasks.
BitMEX co-founder Arthur Hayes, who joined Ritul's advisory board in January, emphasized the importance of “ensuring that the growing AI economy has access to more censorship-resistant, collaboration-enhancing technology than we currently have.”
Polychain Capital's investment in Ritual comes at a time when AI is gaining a lot of attention in the blockchain industry. With the proliferation of AI-powered devices and their increasing popularity over the past year, the collaboration between the two companies is set to enhance product development, expansion into new markets and community growth.
Note: This article is powered by AI, specifically Claude 3 Opus for text and OpenAI's GPT-4 for images. The editor has revised the content extensively to maintain journalistic standards for objectivity and impartiality.
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