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PIN AI secures $10M from a16z CSX, Hack VC, and All-Star angels to launch open platform for personal AI

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    San Francisco, United States, September 9th, 2024, Chainwire

     

    Innovative startup from Ethereum Core research, Google Brain, Stanford, MIT, and CMU aims to democratize on-device intelligence, empowering users with control over their personal AI, and receiving investment from a16z CSX, Hack VC, and investors from projects like Solana, Polygon, Near, Worldcoin, etc.

    PIN AI, a pioneering AI infrastructure company, announces $10 million in pre-seed funding to develop the world’s first open-source Personal Intelligence Network (PIN). A16z CSX, Hack VC, and notable investors, including Blockchain Builders Fund (Stanford Blockchain Accelerator), Illia Polosukhin (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, Cresta), Ben Fisch (CEO, Espresso), Scott Moore (Co-Founder, Gitcoin), Alumni Ventures, and Dispersion Capital, have backed the project.

    Offering an open-source, web3-enabled alternative to Apple Intelligence, PIN AI’s platform turns smartphones into privacy-focused AI personal assistants. By redirecting profits from users’ data and attention, it empowers users to regain control and monetize their data. The platform leverages personal, contextual data and cryptography, deploying cutting-edge AI models on-device to handle tasks across apps—like shopping, ordering food, wealth management, and interacting with centralized exchanges, DeFi, and prediction markets.

    This AI-driven assistant ensures robust privacy and user-controlled data management, disrupting ultra-profitable 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, said, “We’re building a movement towards an open-source future where personal AI assistants can work on PIN AI’s platform like smart contracts on Ethereum.” He added, “PIN AI will take back the $100b+ profit from tech giants and return it to users, allowing them to control and monetize their data. Our platform offers access to a wider range of AI agents, developed by the open-source community, capable of handling tasks across popular apps.”

    PIN AI’s mission is to foster innovation for personal AI agents by offering access to personal, contextual data that reflects individual users’ needs and preferences. Unlike closed ecosystems like Apple, PIN AI’s open platform connects privacy-protected user data via a Layer-2 blockchain. This enables more flexibility in AI application development without the constraints of traditional, closed systems.

    Bill Sun, Co-Founder and Chief Scientist, said, “On-device multi-modality models will revolutionize daily life. We are building a personal index for each user to create an on-device model that evolves via distributed training on the user’s phone. Soon, users won’t need to open multiple apps to complete tasks. The personal AI assistant will understand preferences and manage tasks efficiently.” PIN AI’s assistant will connect users with apps and services bidding on its blockchain protocol to fulfill tasks like shopping or crypto activities.

    PIN AI shifts data monetization from big tech to users, allowing secure monetization of personal data. Users receive token incentives through data onboarding and intent fulfillment, only providing necessary data with matched Personal AI Agents, while maintaining control of their information.

    At launch, PIN AI partners with Worldcoin and is developing a front-end product similar to Siri, expanding its reach and enhancing user experience.

    Leading the team are co-founders Davide Crapis and Ben Wu. Crapis, formerly of Ethereum Core Research, leads Protocol Research. Ben Wu, heading Strategy, is an MIT graduate, Y Combinator alum, and serial entrepreneur. The technical leadership includes Bill Sun, a Stanford AI/Math PhD and early Google Brain researcher, as Chief AI Scientist, and Regan Peng, a CMU graduate and former lead at Didi Fintech and Yahoo Data Infra, as Founding Head of Engineering.

    PIN AI collaborates with a16z crypto research, Flashbots, Espresso Systems, and academics from Stanford, Columbia, and NYU. Ben Wu emphasized the importance of an open platform, saying, “The open internet has made large language models possible. We need to build an open platform for users on their trusted device, allowing access to their various data, making their Personal AI possible.” Unlike Apple Intelligence, PIN AI’s system can run on low-spec smartphones by dynamically shifting between edge AI (on-device) and server AI to optimize performance, ensuring wide accessibility.

    The funding will expand research, grow the team of AI and blockchain experts, and accelerate the deployment of PIN AI’s technology. The company will join the a16z CSX Fall 2024 cohort in New York City.

    About PIN AI

    PIN AI is developing an open-source personal AI operating system that leverages smartphone and app data to empower users with control and privacy. The company’s approach aims to connect AI developers with users, promoting data sovereignty and developer empowerment. PIN AI collaborates with Ethereum Core Research and is committed to privacy and innovation.

    For more updates, visit pinai.io, X (formerly Twitter), Telegram, Discord, and Linkedin.

     

    Contact

    PIN AI
    contact@pinai.io

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    Netcapital Announces First Quarter Fiscal 2025 Financial Results

    2024-09-16T20:15:00Z
    • Management to Host Earnings Call on September 17, 2024 at 11:00 a.m. ET

    BOSTON, MA, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the first quarter of fiscal year 2025 ended July 31, 2024.

    “This was a challenging quarter for us, driven primarily by a decrease in revenues for services that we provide in exchange for equity securities,” said Martin Kay, CEO of Netcapital Inc. “However, we have taken what we believe are important steps to lay the groundwork for future opportunities. In May 2024, for example, we announced that our wholly-owned subsidiary, Netcapital Securities Inc. applied for broker-dealer registration with the Financial Industry Regulatory Authority (“FINRA”). We believe that by having a registered broker-dealer, it could create opportunities to expand our revenue base by hosting and generating additional fees from Reg A+ and Reg D offerings on the Netcapital platform. In addition, in July 2024, we announced the launch of our beta version of a secondary trading platform through the Templum ATS to a closed group of users. This secondary trading platform has been designed to provide investors who purchase stock through the Netcapital funding portal with the potential for secondary trading through access to the Templum ATS.”

    The operation of the Templum ATS remains subject to extensive regulation and oversight. Any regulatory delays or objections will result in delays in our ability to launch the proposed secondary trading platform, if at all.

    Netcapital Securities Inc.’s application to become a registered broker-dealer remains subject to regulatory approval and/or licensing from the Financial Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). No assurance can be given as to when or if such approvals may be granted or when, if at all, Netcapital will be able to expand the services it offers.

    First Quarter Fiscal 2025 Financial Highlights

    • Revenue decreased approximately 91% year-over-year to $142,227, compared to revenue of $1,519,809 million in the first quarter of fiscal year 2024.
    • Total funding portal revenues (consisting of portal fees, listing fees and a 1% equity fee) decreased approximately 62% year-over-year to $142,056 compared to $375,856 in the first quarter of fiscal 2024.
    • Operating loss of ($2,508,237) for the first quarter fiscal 2025 as compared to ($749,020) for the first quarter fiscal 2024, an increase of 235%
    • Net loss of ($2,527,170) in the first quarter fiscal 2025, compared to net loss of ($491,655), for the same period in the prior year, an increase of 414%
    • Loss per share of ($5.10) in the first quarter year ended July 31, 2024, increased approximately 11% compared to loss per share of ($4.61) for the same period in the prior year.
    • As of July 31, 2024, the Company had cash and cash equivalents of $855,181.

    Conference Call Information

    The Company will host an investor conference call on Tuesday, September 17, 2024, at 11:00 a.m. ET.

    Participant access: 844-985-2012 or 973-528-0138
    Conference entry code: 844301

    For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended July 31, 2024, which has been filed with the Securities and Exchange Commission.

    About Netcapital Inc.

    Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association.

    Forward Looking Statements

    The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Investor Contact

    800-460-0815 
    ir@netcapital.com

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS

        July 31, 2024
    (Unaudited)    		     April 30, 2024
    (Audited)    		  
    Assets:                
    Cash and cash equivalents   $ 855,181     $ 863,182  
    Accounts receivable net     -       134,849  
    Note receivable     20,000       20,000  
    Interest receivable     1,600       1,200  
    Prepaid expenses     48,160       23,304  
    Total current assets     924,941       1,042,535  
                     
    Deposits     6,300       6,300  
    Notes receivable - related parties     202,000       202,000  
    Purchased technology, net     14,724,136       14,733,005  
    Investment in affiliate     240,080       240,080  
    Equity securities     25,343,513       25,333,386  
    Total assets   $ 41,440,970     $ 41,557,306  
                     
    Liabilities and Stockholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 1,180,487     $ 793,325  
    Accrued expenses     236,758       310,300  
    Deferred revenue     445       466  
    Interest payable     94,703       92,483  
    Current portion of SBA loans     1,885,800       1,885,800  
    Loan payable - bank     34,324       34,324  
    Total current liabilities     3,432,517       3,116,698  
                     
    Long-term liabilities:                
    Long-term SBA loans, less current portion     500,000       500,000  
    Total liabilities     3,932,517       3,616,698  
                     
    Commitments and contingencies     -       -  
                     
    Stockholders’ equity:                
    Common stock, $.001 par value; 900,000,000 shares authorized, 579,153 and 326,867 shares issued and outstanding     579       327  
    Shares to be issued     122,264       122,124  
    Capital in excess of par value     39,433,217       37,338,594  
    Retained earnings (deficit)     (2,047,607 )     479,563  
    Total stockholders’ equity     37,508,453       37,940,608  
    Total liabilities and stockholders’ equity   $ 41,440,970     $ 41,557,306  


    NETCAPITAL INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)

        Three Months Ended     Three Months Ended  
        July 31, 2024     July 31, 2023  
                 
    Revenues   $ 142,227     $ 1,519,809  
    Costs of services     10,220       18,053  
    Gross profit     132,007       1,501,756  
                     
    Costs and expenses:                
    Consulting expense     97,381       163,942  
    Marketing     6,898       241,888  
    Rent     19,116       19,610  
    Payroll and payroll related expenses     1,136,593       1,037,042  
    General and administrative costs     1,380,256       788,294  
    Total costs and expenses     2,640,244       2,250,776  
    Operating loss     (2,508,237 )     (749,020 )
                     
    Other income (expense):                
    Interest expense     (10,464 )     (13,304 )
    Amortization of intangible assets     (8,869 )     (28,331 )
    Other income     400       -  
    Total other income (expense)     (18,933 )     (41,635 )
    Net loss before taxes     (2,527,170 )     (790,655 )
    Income tax expense (benefit)     -       (299,000 )
    Net loss   $ (2,527,170 )   $ (491,655 )
                     
    Basic loss per share   $ (5.10 )   $ (4.61 )
    Diluted loss per share   $ (5.10 )   $ (4.61 )
                     
    Weighted average number of common shares outstanding:                
    Basic     495,319       106,732  
    Diluted     495,319       106,732  

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