Company press release or major tech news outlets

Prime Intellect Secures $5.5M Led by Distributed Global, CoinFund for Decentralized AI

Apr 23, 2024, 04:50 PM

Prime Intellect, a new startup focused on decentralized AI development, has successfully raised $5.5 million in a seed funding round. The round was led by Distributed Global and CoinFund, with additional participation from CompoundVC, Collab_Currency, ProtocolLabs, and other investors. The company aims to democratize AI development by aggregating global compute resources and enabling collaborative training of state-of-the-art models. This infrastructure supports the decentralized AI development at scale, addressing the current bottlenecks caused by centralized control models. The company's approach includes innovative co-creation and co-ownership structures, with a market potential for generative AI expected to reach $1.3 trillion by 2032.