Zinger Key Points
- An undisclosed investment was made by Polychain Capital in the artificial intelligence firm Ritual’s funding round of $25 million.
- BitMEX co-founder Arthur Hayes joined Ritual’s board of advisers in January 2024.
Blockchain-centric venture capital company Polychain Capital has invested a significant amount in artificial intelligence (AI) platform Ritual.
What Happened: The investment by Polychain supplements Ritual’s $25 million funding round from last November. The round, led by Archetype, also saw contributions from Accomplice and Robot Ventures. Polychain has confirmed its investment but has kept the exact figure under wraps, CoinDesk reported.
Ritual aims to tackle the centralized nature of AI systems. The funding from Polychain arrives at a time when interest in the convergence of blockchain and AI is on the rise. Blockchain companies aim to counter an AI monopoly by tech behemoths like Microsoft, Meta, and Alphabet by incorporating decentralization into data storage and infrastructure access.
In January, BitMEX co-founder Arthur Hayes joined the advisory board of Ritual, highlighting the need for a more censorship-resistant, collaboration-fostering technology in the rapidly growing AI economy.
Also Read: EXCLUSIVE: The Top Crypto VC Funding Trends In 2024
Why It Matters: The investment by Polychain in Ritual aligns with the current trend in the crypto venture capital landscape, which is witnessing a significant shift towards specific sectors.
Moreover, the recent surge in cryptocurrency prices has sparked a new wave of fundraising activities among venture capitalists. Recently, Paradigm, a prominent crypto-focused investment firm, announced that it is in talks to secure a new fund valued between $750 and $850 million.
The investment by Polychain in Ritual underscores the growing interest in the intersection of blockchain and AI, which is expected to shape the future of technology.
What’s Next: These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Elon Musk Says VCs Who Went Bullish On Crypto To AI Are ‘Right’ About The Latest Fad
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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