Crypto Powerhouse Polychain Invests Millions in Ritual’s $25M AI Funding Initiative

Last Updated on April 9, 2024

Victor Headshot
Written by

Key Takeaways:

  • Polychain Capital has made a significant, multimillion-dollar investment in AI platform Ritual, concluding its $25 million funding round aimed at developing a decentralized AI system.
  • Ritual’s initiative seeks to counteract the potential monopolization of the AI industry by major tech corporations with a decentralized alternative, amidst growing concerns over centralized control.
  • The investment highlights the blockchain community’s interest in utilizing decentralization to prevent a centralized AI oligopoly, with notable figures like Arthur Hayes supporting the move towards a blockchain and AI convergence for a more equitable digital infrastructure.

In a bold step towards diversifying the artificial intelligence (AI) landscape, Polychain Capital has finalized a significant investment in Ritual, an AI platform.

This investment, described as “multimillion dollar,” marks a notable conclusion to Ritual’s $25 million funding round initiated last November.

Ritual’s ambitious project aims to disrupt the current centralized paradigm of AI systems, proposing a decentralized alternative in response to the rapid adoption and growing influence of AI technologies.

This initiative has gained traction amidst concerns that major technology corporations, including Microsoft, Meta, and Alphabet, are poised to establish a monopolistic AI regime.

The funding round, spearheaded by Archetype, saw contributions from other prominent entities such as Accomplice and Robot Ventures.

Polychain’s involvement adds a significant boost, underscoring the growing interest within the blockchain community in leveraging decentralization to mitigate the risks of a centralized AI oligopoly.

Arthur Hayes, co-founder of BitMEX and a new member of Ritual’s board of advisors as of January, emphasized the critical need for a resilient, censorship-resistant technology framework to support the evolving AI economy.

Hayes advocates for a system that fosters collaboration and accessibility beyond the current limitations, pointing towards a future where blockchain and AI convergence could pave the way for a more equitable digital infrastructure.

The movement towards decentralizing AI by blockchain firms reflects a proactive approach to addressing the dominance of Big Tech in the AI space.

By championing decentralized data storage and access to infrastructure, these firms aim to democratize AI development and usage, ensuring broader participation and innovation across the tech landscape.

About The Author

Victor Headshot
Written by

News Reporter

Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.

With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.

Check Victor out on: