Artificial intelligence platform SingularityNET has extended its token sale by a week after “overwhelming demand” from investors. The company were pledged $150 million during whitelist registration, four times the $36 million hard cap
As reported here in ICOExaminer, the company aims to decentralise and democratise the artificial intelligence industry by facilitating the sharing of source data. Currently, a small number of large companies dominate AI with little margin for smaller outfits to enter the arena. Leading computer scientist Andrew Ng identified the issue last year:
“Among leading AI teams, many can likely replicate others’ software, but it is exceedingly difficult to get access to someone else’s data.”
SingularityNET aims to bring blockchain-inspired disruption to the market. By bringing together artificial intelligence companies in a single platform they hope the industry can develop in a more decentralised manner. They said in a statement,
“The platform is positioned to dominate a projected $3 trillion market by connecting and coordinating AI services at unprecedented scale.”
10,000 investors have already pledged a total of $150 million to the project, a figure which appears to have surpassed the total number of funds raised by ICOs in November.
To meet the overwhelming demand the company has announced that it will be extending the token sale to the second half of December.
Each AI on the SingularityNET platform will have the ability to learn from all the other AIs. The AGI token paves the way for a micro-payments market in a data sharing, machine-based economy. The hope is that opening up collaboration in this way will pave the way for a more democratised AI industry model.
Correction: this post initially reported that SingularityNET had raised $150 million and increased the hard cap. In fact the hard cap remains $36 million and $150 million was pledged during whitelist registration.