Ritual, a decentralized AI platform, has successfully secured $25 million in a seed funding round. Here are the key details:
1. **Funding Round**: Ritual raised $25 million in a seed funding round, with Archetype leading the investment. Additional participants include Accomplice and Robot Ventures.
2. **Founders**: Ritual was co-founded by Web3 investor Niraj Pant and Akilesh Potti, who previously worked at data analytics company Palantir.
3. **Decentralized AI**: Ritual's mission is to bring decentralization, transparency, and data privacy to the AI industry, addressing centralization and transparency concerns.
4. **Web3 Principles**: The platform aims to incorporate Web3 principles such as transparency, open-source, privacy, and integrity into AI technology.
5. **On-chain Proof**: Ritual will enable Web3 companies to provide on-chain proof of interactions with AI models, enhancing transparency and trust.
6. **Web2 Applications**: In the Web2 space, Ritual can assist companies, especially in sectors like healthcare, in utilizing AI for handling sensitive financial and health data securely.
7. **Zero-Knowledge Proofs (zk)**: The platform will leverage zk proof technology and Outline Processor Markup Language (OMPL) for computational integrity.
8. **Expanded GPU Access**: Ritual plans to provide more access options for graphics processing units (GPUs) used in image processing.
9. **Launch Date**: The platform is set to launch in early 2024 and is actively seeking developers to join its team, targeting enterprise and Web3 applications.
Ritual's approach to decentralized AI aligns with the growing demand for transparency and privacy in AI and has the potential to transform how AI technology is deployed across various sectors.