Investors including Balaji Srinivasan, Accomplice, Robot Ventures, Accel, Dialectic, Anagram, Avra and Hypersphere joined the $25 million Series A funding round.
Ritual's AI models can help address new use cases in crypto, such as automatically managing risk parameters for lending protocols based on real-time market conditions.Decentralized artificial intelligence network Ritual came out of stealth mode to announce a $25 million Series A financing for the company, led by Archetype. The company offers an AI-powered infrastructure that aims to execute complex logic currently infeasible for smart contracts.
While AI adoption maintains an uptrend across all business verticals, issues such as high compute costs, limited hardware access and centralized APIs hinder the full potential of the current AI stack. As explained in Ritual’s introductory “The grand vision for Ritual is to become the schelling point of AI in the web3 space by evolving Infernet into a modular suite of execution layers that interop with other base layer infrastructure in the ecosystem, allowing every protocol and application on any chain to use Ritual as a AI Coprocessor.”
The introduction of such AI models in crypto — from base layer infrastructure to applications — can help address new use cases, such as automatically managing risk parameters for lending protocols based on real-time market conditions.Ritual’s protocol diagram reveals the use of modular execution layers revolving around AI models.
The funding will be used to grow Ritual’s developer network and start seeding the network.The vagueness presented in the recent executive order on AI safety from the Biden administration raised concerns among the AI community over stifling innovation.
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