AI infrastructure startup Ritual raises $25M to fill gaps in crypto
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Decentralized artificial intelligence (AI) 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 beyond 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 vagueness presented in the recent executive order on AI safety from the Biden administration raised concerns among the AI community over stifling innovation.
My Executive Order on AI is a testament to what we stand for:
Safety, security, and trust. pic.twitter.com/rmBUQoheKp
— President Biden (@POTUS) October 31, 2023
The order established six new standards for AI safety and security, which include sweeping mandates, such as sharing the results of safety tests with officials for companies developing “any foundation model that poses a serious risk to national security, national economic security, or national public health and safety,” and “accelerating the development and use of privacy-preserving techniques.”
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