Ritual got $25 million to make AI decentralized and available to everyone and work with DeFi.

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A new company called Ritual got $25 million to create a computer system that can think like humans. Archetype, Robot Ventures, and Canonical donated money to help the project.

The new company from San Francisco wants to ensure that everyone can use AI technology. Right now, the newest AI technology, such as computers that understand language well, is mostly made by big tech companies like Google, Microsoft, and Meta. The ritual aims to create a network for AI models that is not controlled by one group.

Niraj Pant, one of the founders of Ritual, believes that if only a few large companies control AI, it will create issues for technology in the future. We created Ritual to make sure that not just a few companies control the ecosystem. We want everyone to be able to use this important system, and we want to be able to make better AI in the future.

Making sure that everyone can use artificial intelligence.

Ritual’s network connects lots of computers to assist with AI tasks. This means that everyone, not just large companies, can contribute to teaching and using AI models.

An API layer makes it easy to connect to models stored on the internet. A proof system makes sure that the computer does its work the right way. Ritual is difficult to control or stop, but it keeps information private and easy to check.

Ash Egan, founder of Archetype, explains that Ritual is creating a strong AI network to help companies be more creative using new technology. This includes digital money companies and large businesses.

Ritual’s way of doing things without a central authority lets them use specialized tools like autonomous robots and combine artificial intelligence and decentralized finance to create adaptable rules.

The new company says it is the first to allow smart contracts to use artificial intelligence. Businesses can use the internet to make and understand basic models that help them.

A powerful team of people working together to achieve a common goal.

Pant and Akilesh Potti began a tradition. Pant invested money in something before, and Potti used to be a researcher before he started working at Palantir.

The team has 15 skilled people from major tech companies like OpenAI, Coinbase, and Palantir.

Ritual wants to use the new money to make its business bigger, hire important people, and get more people to use its services. In early 2024, the company plans to launch a new product.

Advisors know a lot about artificial intelligence and cryptocurrency. Some people who started their own companies are Illia Polosukhin, who co-founded NEAR Protocol, Sreeram Kannan, who founded EigenLayer, and Tarun Chitra, who is a leader at Robot Ventures. Some people have made their own companies. Illia Polosukhin helped start NEAR Protocol, Sreeram Kannan started EigenLayer, and Tarun Chitra is a leader at Robot Ventures.

“Ritual is laying the foundation for safe and easy AI innovation in all types of businesses. ” “Polosukhin said it can help things get better and move forward in the future.

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