PIN AI secures $10M led by A16z to launch open source AI assistant

PIN AI, an emerging AI infrastructure startup, has raised $10 million in pre-seed funding to develop the world's first open-source Personal Intelligence Network (PIN). The company, backed by investors such as a16z CSX, Hack VC, and blockchain leaders, aims to shift data control from big tech to individual users, empowering them with privacy-focused AI assistants.

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Revolutionising AI with Privacy and User Control

PIN AI’s platform offers an alternative to Apple's proprietary systems by turning smartphones into AI-powered personal assistants. Unlike traditional models where big tech profits from user data, PIN AI redirects these profits back to users. This innovative platform leverages personal data and cryptography, enabling AI models to function directly on users’ devices. Tasks such as shopping, managing finances, and interacting with crypto markets can be handled seamlessly by the AI assistant.

Co-founder Davide Crapis, leading Protocol Research, stated that the goal is to build a movement towards an open-source future. He likened PIN AI's platform to Ethereum, where personal AI assistants operate like smart contracts. The company aims to reclaim the significant profits made by tech giants and return them to users through control and monetisation of their own data.

Empowering Users Through Open-Source Collaboration

PIN AI’s mission centres on fostering innovation by providing access to personal, contextual data that reflects users' needs. Unlike closed systems like Apple's, PIN AI's open platform connects privacy-protected data via a Layer-2 blockchain, allowing developers to create AI applications with greater flexibility. This approach disrupts the existing models that dominate the tech landscape, offering a more user-centric alternative.

Chief Scientist Bill Sun, a former Google Brain researcher, highlighted the transformative potential of on-device AI models. By creating a personal index for each user, the AI can evolve through distributed training on the device itself, simplifying daily tasks without the need to navigate multiple apps. This system enables users to maintain control over their data while participating in secure monetisation.

Backed by Leading Investors and Industry Experts

The funding round attracted prominent investors, including Blockchain Builders Fund, Illia Polosukhin of NEAR Protocol, and Symbolic Capital's Polygon co-founder. These backers reflect confidence in PIN AI's ability to revolutionise the AI landscape. The platform partners with Worldcoin and aims to provide a user experience akin to Siri, expanding its reach while enhancing privacy and control.

Co-founders Davide Crapis and Ben Wu bring a wealth of experience from Ethereum Core Research and MIT, respectively. Supported by a team of AI and blockchain experts from leading institutions, PIN AI is positioned to challenge the dominance of big tech in the AI space.

a16z Crypto Unveils CSX Fall 2024 Cohort with 21 Innovative Startups

The a16z Crypto Startup Accelerator fall 2024 program has officially kicked off activities in New York City. Selection into this accelerator program enables 21 startups to go on an intense, focused eight-week journey. For the next two months, these startups will have direct mentorship from leading crypto founders and really important guidance from the investing and operating teams at a16z.

The program is tailored to afford critical insight and networking within the greater a16z network. The cohort includes startups hailing from no less than 11 countries that include Austria, Brazil, Canada, Japan, and the US, building everything from advancements in AI and DeFi to consumer applications within the crypto ecosystem. This diverse representation is reflective of the global impact and reach of the CSX program.

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Ambitious Plans with High Potential, but Challenges Remain

While PIN AI's vision of decentralised, privacy-focused AI is compelling, the platform faces significant challenges in scaling and adoption. Competing against entrenched giants like Apple and Google requires not only technological innovation but also widespread user trust and engagement. The open-source model presents opportunities but also demands rigorous security and consistent performance.