At a seed funding round, Prime Intellect, an autonomous AI company operating without a centralized structure, secured $5.5 million in investment. This financing was spearheaded by CoinFund and Distributed Global, with additional backing from Compound, Collab+Currency, Protocol Labs, and several other influential figures within tech and crypto industries.
Prime Intellect focuses on building a flexible framework for decentralized artificial intelligence innovation. Their platform, which is still in testing phase, connects various centralized and decentralized GPU suppliers globally. This arrangement enables users to tap into on-demand computing resources at notably lower expenses.
We’re thrilled to share the news that CoinFund has taken a leading role in a $5.5M investment round for PrimeIntellect.
The potential market size for generative AI is estimated to reach an impressive $1.3 trillion by 2032. However, its advancement is currently being hindered due to the centralized control models in place. PrimeIntellect, on the other hand, is a decentralized AI platform that utilizes distributed technology to overcome this limitation.
— CoinFund (@coinfund_io) April 23, 2024
A significant part of Prime Intellect’s goal is developing a decentralized system where users get to own pieces of the AI models they collectively work on training. This creative method strives to make AI technologies more accessible and encourages a larger community to contribute towards their advancement.
Leadership and Expertise at Prime Intellect
Vincent Weisser and Johannes Hagemann, the founders of Prime Intellect, boast impressive resumes. Weisser previously held the position of Chief of Ecosystem and AI at Molecule. Meanwhile, Hagemann has spent the last two years developing large language models for Aleph Alpha, a German artificial intelligence company.
As the market value of generative AI is predicted to grow to $1.3 trillion by 2032, Prime Intellect intends to contest traditional control structures. Through the use of distributed model training, they aim to make computational resources more accessible, promote teamwork, and encourage shared ownership among all involved parties.
The participation of CoinFund, Distributed Global, and other notable investors underscores the growing excitement and financial commitment towards companies like Prime Intellect, which are pioneering advancements in artificial intelligence and decentralization.
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2024-04-23 22:44