Home Startups SingularityNET Raises $36m Via ICO in Under One Minute

SingularityNET Raises $36m Via ICO in Under One Minute

Artificial intelligence (AI) is a hot topic right now and is quickly becoming one of the most popular form of technologies out there. The problem is that many of these systems are run by large corporations that go on to develop their own AI solutions. However, Switzerland-based AI startup SingularityNET is looking to change that. Having only been around a matter of months, the startup is already making quite a stir among others in the industry.

SingularityNET’s niche is that it’s the only platform of its kind that allows AI to coordinate and work alongside one another at scale. It was founded earlier this year in Zurich Switzerland by Ben Goertzel and Cassio Pennachin and is a pioneer in AI blockchain technology. According to Goertzel, “SingularityNET is a decentralized open market for AI. It’s a product aimed at becoming a bridge between AI developers and business users.”

This startup want to accelerate the use of AI extensively and open it up to the whole world. It’s aim is to make buying and selling AI services simple. More than 20,000 investors were attracted to SingularityNET’s ICO (initial coin offering) and registered to take part. After careful screening of applicants in order to comply with global KYC/AML regulations, the number of potential investors was whittled down to just 5,000. There were $361 million worth of tokens up for offer and all of them went in less than 60 seconds on December 21, 2017.

The tokens are AGI (Artificial General Intelligence) tokens and are what’s used to buy and sell AI and machine learning services on the SingularityNET marketplace. On the platform, if a service is required from an agent, a contract is made and signed before any work commences. At the same time AGI tokens are used to help decide how the network will be governed in a decentralized manner.

“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!”, explained Dr. Ben Goertzel, one of SingularityNET’s founders and CEO.

Source Cryto Reporter

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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