As an analyst with over two decades of experience in the tech industry, I find myself increasingly drawn to innovative startups that promise to disrupt the status quo and bring about positive change. PIN AI is one such startup that catches my attention for several reasons.
San Francisco, United States, September 9th, 2024, Chainwire
A pioneering company, rooted in research from Ethereum Core, Google Brain, Stanford, MIT, and CMU, is striving to make on-device artificial intelligence accessible for all. By putting control of personal AI in the hands of users, this venture seeks to promote a more democratic approach to AI technology. Notably, it has secured investment from a16z CSX, Hack VC, and investors linked with projects such as Solana, Polygon, Near, Worldcoin, etc.
PIN AI, a pioneering AI infrastructure company, announces $10 million in pre-seed funding to develop the world’s first open-source Personal Intelligence Network (PIN). A16z CSX, Hack VC, and notable investors, including Blockchain Builders Fund (Stanford Blockchain Accelerator), Illia Polosukhin (Transformer paper author; Founder, NEAR Protocol), Anagram/Lily Liu (President, SOL Foundation), Symbolic Capital (Co-Founder, Polygon), Evan Cheng (CEO, Mysten Labs/SUI), dcbuilder (Worldcoin Foundation), Foresight Ventures (parent company of the Block), Nomad Capital, Tim Shi (Co-Founder, Cresta), Ben Fisch (CEO, Espresso), Scott Moore (Co-Founder, Gitcoin), Alumni Ventures, and Dispersion Capital, have backed the project.
PIN AI’s platform transforms smartphones into personal assistant devices that prioritize privacy, using web3 technology as an open-source alternative to Apple Intelligence. Instead of profiting from user data and attention, this platform returns control to users, allowing them to capitalize on their own data. It employs advanced AI models, cryptography, and contextual information to manage tasks across various applications such as shopping, food delivery, financial management, interactions with centralized exchanges, DeFi platforms, and prediction markets—all while keeping user data secure on the device itself.
This AI-powered aid prioritizes strong privacy settings and user-customized data handling, challenging the lucrative business models of web2 giants like Apple and Google. For instance, it may potentially reduce Apple’s 30% app revenue share (amounting to over $100 billion) and impact Google’s mobile ad and Android store revenues.
Davide Crapis, Co-Founder at Protocol Research, stated, “We’re creating a push towards an open-source era where individual AI assistants can operate on PIN AI’s platform similar to how smart contracts run on Ethereum.” He further noted, “PIN AI aims to reclaim the over $100 billion in profits currently held by tech giants and redistribute it back to users, empowering them to manage and profit from their data. Our platform provides access to a broader array of AI agents, developed by the open-source community, which can handle tasks across various popular apps.
The primary goal at PIN AI is to encourage creativity for personal artificial intelligence assistants by providing access to personalized, contextually relevant data tailored to each user’s requirements and preferences. Unlike confined environments such as Apple, PIN AI’s open platform links privacy-secured user data via a Layer-2 blockchain. This connection allows for greater adaptability in artificial intelligence project development, freeing developers from the limitations imposed by traditional closed systems.
Bill Sun, the Co-Founder and Chief Scientist, expressed that on-device multi-modal models are set to transform daily routines significantly. The team is developing a tailored index for each user, which will craft an on-device model that learns and adapts via distributed training directly on the user’s smartphone. In the near future, users won’t have to open several apps to complete tasks as their personal AI assistant will intelligently handle tasks based on preferences and manage them efficiently. PIN AI’s assistant will link users with various apps and services participating in its blockchain protocol to execute tasks such as shopping or cryptocurrency activities.
PIN AI shifts data monetization from big tech to users, allowing secure monetization of personal data. Users receive token incentives through data onboarding and intent fulfillment, only providing necessary data with matched Personal AI Agents, while maintaining control of their information.
Initially, PIN AI collaborates with Worldcoin and works on creating a user interface reminiscent of Siri, aiming to broaden its influence and improve user interaction.
In this team, the roles are led by the co-founders: Davide Crapis, previously with Ethereum Core Research, is in charge of Protocol Research, while Ben Wu, a graduate from MIT, alumnus of Y Combinator, and experienced serial entrepreneur, takes on Strategy. The technical leadership is spearheaded by Bill Sun, a Stanford PhD in AI/Math and early researcher at Google Brain, serving as Chief AI Scientist, and Regan Peng, a CMU graduate and former leader at Didi Fintech and Yahoo Data Infra, who holds the position of Founding Head of Engineering.
PIN AI partners with a16z Crypto Research, Flashbots, Espresso Systems, and scholars from Stanford, Columbia, and NYU. Ben Wu underscores the significance of an open network, stating, “The open web has facilitated the creation of large language models. We should establish an open platform that enables users to access their data on their trusted device, thereby enabling Personal AI.” Different from Apple Intelligence, PIN AI’s system can operate on entry-level smartphones by adaptively switching between edge AI (on-device) and server AI for optimal performance, ensuring broad availability.
With this new funding, our research will broaden, we’ll recruit more specialists in artificial intelligence (AI) and blockchain, and hasten the implementation of PIN AI’s technology. Additionally, our company has been accepted into the a16z CSX Fall 2024 cohort in New York City.
About PIN AI
PIN AI is working on a free, open-source artificial intelligence (AI) system for personal use, which uses information from smartphones and apps to give users more control and protect their privacy. By bringing together developers and users, this approach encourages data sovereignty and empowers developers. PIN AI partners with Ethereum Core Research and emphasizes the importance of maintaining user privacy while pushing forward with innovative technology.
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PIN AI
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2024-09-09 19:34