AI Network Ritual Emerges from Stealth with $25M Series A Funding Amid Industry Regulatory Concerns
Summary:
Ritual, a decentralized artificial intelligence network, has come out of stealth mode and raised $25 million in a Series A funding round led by Archetype. The company plans to provide an AI-powered infrastructure that executes complex logic that is currently too advanced for smart contracts. The funding will play a crucial role in expanding Ritual's developers' network and initial network seeding. The AI community has expressed concerns over a recent vague executive order from the Biden administration which, some fear, could stifle innovation in the sector.
Emerging from relative obscurity, Ritual, an autonomous artificial intelligence (AI) network, has made public its $25 million Series A financial backing helmed by Archetype. Ritual provides an AI-driven infrastructure designed to manage elaborate logic tasks that are presently beyond the capabilities of smart contracts. Today's AI technology is on an upward trajectory across various industries but is impeded by issues such as exorbitant computing costs, restricted hardware availability, and centralized APIs. As stated in Ritual's introductory note, the company's ambitious aspiration is to transform the Infernet into a comprehensive combination of operational layers that synergize with existing foundational architectures in the ecosystem. This would pave the way for all applications and protocols across all chains to leverage Ritual as an AI co-processor. Taking into account the advent of these AI architectures in cryptocurrency--spanning from foundational infrastructure to applications--new use cases such as dynamic risk parameter management for lending protocols pivoting on real-time market situations may be addressed. Ritual's protocol illustration depicts the utilization of modular operational layers centered on AI models. Situated within the GMP layer -- comprising layer 1, rollups, and sovereign -- is the nexus that enables seamless interaction between preexisting blockchains and the Ritual Superchain, serving as an AI auxiliary processor for all blockchains. A cohort of investors, including Balaji Srinivasan, Robot Ventures, Accel, Dialectic, Anagram, Accomplice, Avra, and Hypersphere, participated in the Series A round of funding totaling $25 million. These funds are earmarked for the expansion of Ritual's developer network and initializing network seeding. Related: Visa pioneers global generative AI advisory services. The recent executive order on AI safety issued by the Biden administration was met with apprehension within the AI sector due to its ambiguous verbiage, which could potentially hamper innovation. The decree introduces six new standards encompassing AI safety and protection, such as mandates for developers to share safety testing results with authorities for companies that work on "any foundational models that potentially jeopardize national security, the domestic economy, or public health and safety." It also emphasizes the swift evolution and implementation of privacy-preserving techniques. Magazine: Crypto City: Vancouver - Your Comprehensive Guide.
Published At
11/9/2023 8:03:20 AM
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