The artificial intelligence (AI) platform Ritual received a $25 million funding round included a “multimillion dollar” investment from Polychain Capital, a venture capital firm that focuses on blockchain technology.
In order to combat the centralised nature of AI systems, Ritual raised $25 million in November of last year. Accomplice and Robot Ventures also participated in the investment, which was spearheaded by Archetype. At this point, Polychain has closed the deal. It declined to say how much was invested in a recent email.
The blockchain sector has shown interest in artificial intelligence (AI) due to the rise in the use of AI-powered tools over the past year or two. Blockchain companies are trying to bring decentralisation to infrastructure access and data storage in an effort to allay fears that Big Tech behemoths like Microsoft (MSFT), Meta (META), and Alphabet (GOOG) could create an AI dictatorship.
A member of Ritual’s advisory board since January, BitMEX co-founder Arthur Hayes spoke of the necessity to “ensure the burgeoning AI economy has access to a more censorship-resistant, collaboration-powering technology than we currently have.”