SingularityNET raises $36 million in initial coin offering

SingularityNET, a decentralized marketplace for AI solutions, recently raised $36 million during its initial coin offering for its AGI token. The company integrated blockchain technology into its platform to allow users buy and sell AI services at scale, reducing overall costs and improving output, according to a press release.

The platform provides AI-as-a-service in a decentralized format. One long-term goal of the project is to take the control of AI away from large institutions and bring it to everyone.

"We will invite developers from around the world to insert their AI code into the SingularityNET, to monetize their work and to contribute to the emerging AGI global brain. We will invite users of AI-as-a-service to choose SingularityNET as an alternative to big, corporate AI. This is the start of the decentralized AGI revolution," Ben Goertzel, CEO of SingularityNET, said in the release.

The company uses algorithms to limit the total number of contributors to the ICO to 5,000 to meet current global legislation and avoid "over-capitalization," according to Goertzel.

Topics: Blockchain, Software

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