Innovative startup from Ethereum Core research, Google Brain, Stanford, and MIT aims to democratize on-device intelligence and empower users with complete control and ownership over their personal AI, receiving investment from Hack VC, a16z CSX, and an All-Star list of investors from top projects like Solana, Polygon, Near, Worldcoin, etc.
San Francisco, CA – September 9 2024, 9 AM PDT– PIN AI, a pioneering AI infrastructure company, announces its $10 million in pre-seed funding to develop the world's first open-source Personal Intelligence Network (PIN). In conjunction with Hack VC and a16z CSX, PIN AI has also secured funding from a group of notable investors, including Blockchain Builders Fund (Stanford Blockchain Accelerator), Illia Polosukhin (one of the Transformer paper author; Founder, NEAR Protocol), Anagram/Lily Liu (President, SOL foundation), Symbolic Capital (Co-Founder, Polygon), Evan Cheng (CEO, Mysten Labs/SUI), dcbuilder (Worldcoin Foundation), Foresight Ventures (parent company of the Block), Nomad Capital, Tim Shi (Co-Founder, AI unicorn Cresta.ai), Ben Fisch (CEO, Espresso), Scott Moore (Co-Founder, Gitcoin), Alumni Ventures (Top 20 VC according to CB Insights '24), and Dispersion Capital (ex-Director of Samsung Next), among other prominent investors.
Offering an open-source, web3-enabled alternative to the newly announced Apple Intelligence, PIN AI's platform transforms smartphones into privacy-focused AI personal assistants. By redirecting profits generated from users' data and attention away from tech giants like Apple and Google, it empowers users to regain control and monetize their data. Leveraging personal, contextual data and advanced cryptography, the platform deploys cutting-edge AI models on-device to manage tasks across apps—such as shopping, ordering food, wealth management, and interacting with centralized exchanges, DeFi, and prediction markets.
This unified, AI-driven assistant ensures robust privacy and user-controlled data management, disrupting the ultra-profitable traffic distribution models of web2 giants, including Apple's 30% app revenue cut (over $100 billion) and Google’s mobile ads and Android store revenue cuts.
Davide Crapis, Co-Founder leading Protocol Research at PIN AI, said, "We're building a movement towards an open-source future where personal AI assistants can work on PIN AI’s platform just like how smart contracts work on Ethereum." He further explained, "PIN AI will protect user freedom from big internet giants, take back the $100b+ profit made from control of user’s data and attention, and return it to the users themselves. Our platform empowers users to monetize and control their own data, offering them the benefits that major tech giants like Apple previously dominated. Unlike Apple’s intelligence, our platform provides access to a broader range of AI agents, developed by the open-source community, capable of handling complex tasks across a wide array of popular apps used globally.”
PIN AI's mission is to offer an open environment that fosters innovation and growth for personal AI agents by enabling access to personal, contextual data that reflects individual users' needs and preferences. Unlike closed ecosystems like Apple Intelligence and other web2 AI platforms, PIN AI empowers developers by offering a fully open platform that connects privacy-protected user data across apps and devices via a Layer-2 blockchain. This approach allows for greater flexibility and creativity in developing AI applications without the constraints of traditional, closed ecosystems.
Bill Sun, Co-Founder and Chief Scientist at PIN AI, said, “On-device multi-modality models capable of completing complex tasks for users will revolutionize how we go about our daily lives. We are building a personal index for each user to create an on-device model that can continuously evolve via distributed training on each user’s phone. Soon, users will no longer need to open thousands of mobile apps to finish different tasks. Now, when users express an intent like “I want to buy some new clothes,” “order some nice food,” or “find the most interesting crypto investing opportunity that fits into my investment thesis,” they can simply talk to their personal AI assistant via their phone. This assistant not only understands the users’ preferences but can manage all these tasks efficiently — removing the hassle of switching between different apps. The personal AI assistant will find the most relevant group of apps and service providers to bid on PIN AI’s blockchain protocol for the opportunity to fulfill the user’s intent.”
PIN AI shifts data monetization control from big tech companies to users, allowing them to securely monetize their own data. Users receive token incentives through data onboarding and intent fulfillment. Crucially, users only provide the necessary personal, contextual data with successfully matched Personal AI Agents, all while maintaining full control over their personal information.
At launch, PIN AI collaborates with several key partners to enhance its ecosystem and user experience. The company has already partnered with Worldcoin for integration, expanding PIN AI's reach to a broader user base. PIN AI will soon be launching a front-end entry point product for users, similar to Siri, which is the entry point for Apple Intelligence.
At the helm of PIN AI are co-founders Davide Crapis and Ben Wu. Davide Crapis, who leads Protocol Research, was formerly a member of the Ethereum Core Research team. Ben Wu, heading Strategy, is an MIT graduate, Y Combinator Alum, and serial entrepreneur.
The company’s technical leadership includes Bill Sun as Co-Founder and Chief AI Scientist and Regan Peng as Founding Head of Engineering. Sun holds a Stanford AI/Math PhD, and was an early Google Brain researcher. He also founded Generative Alpha AI, an AI Startup specializing in LLM reasoning research using technology like RAG, RL, to learn investment strategies from top investors. Peng holds a Carnegie Mellon University Electrical and Computer Engineering Master, and was the former Engineering Lead at Didi Fintech and principal engineer for Yahoo Data Infra. His solid knowledge and extensive product and engineering experience in Machine Learning/AI would provide strong foundation and tech excellence for PIN AI.
PIN AI works in collaboration with several research groups, including the a16z crypto research team, Flashbots, and Espresso Systems. The company also works closely with prominent academics, including professors at Stanford, Columbia, and NYU.
"The open internet has made large language models possible," said Ben Wu, Co-Founder at PIN AI. "We need to build an open platform for users on their trusted device, allowing access to their various data, making their Personal AI possible."
While Apple Intelligence will only be available on iPhone 15 Pro and iPhone 15 Pro Max, PIN AI's design allows it to run efficiently on a wide range of devices, including low-spec smartphones. The system employs a smart architecture that dynamically shifts inference between edge AI (on the device) and server AI to optimize performance based on the device's capabilities. This approach ensures that even users with low-spec phones can benefit from PIN AI's features.
The funding round will be used to expand the company's research and development efforts, grow its team of AI and blockchain experts, and accelerate the deployment and go-to-market of its cutting-edge technology. In conjunction with the a16z CSX’s funding, PIN AI will be joining the a16z CSX Fall 2024 cohort that starts in New York City this week too.
For more information about PIN AI and to stay updated on their progress, please visit pinai.io.
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