According to Blockworks, decentralized AI platform Ritual has secured $25 million in a seed funding round led by Archetype, with participation from Accomplice and Robot Ventures. The platform is the creation of Web3 investor Niraj Pant and Akilesh Potti, a former builder at data analytics company Palantir. Pant believes that decentralized AI can address the issues of centralization, lack of transparency, and data privacy concerns in the AI industry.
Ritual aims to bring Web3 principles, such as transparency, open-source, privacy, and integrity, to AI technology. The platform will enable Web3 companies to provide computational, on-chain proof of interactions with AI models. In the Web2 space, it can help companies in sectors like healthcare to use AI for handling sensitive financial and health information of their customers. Ritual plans to achieve this by utilizing zero-knowledge (zk) proof technology and Outline Processor Markup Language (OMPL) to ensure computational integrity.
The platform also intends to offer more access options for graphics processing units (GPUs) used in image processing. Ritual's platform is set to launch in early 2024, and the company is currently seeking developers across enterprise and Web3 to join its team.
