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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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    Digital Banking Platform Market Set to Surge to USD 164.7 Billion By 2032, Widespread Smartphone Usage and Mobile Internet Access Enable On-The-Go Banking Services which is Propelling the Market Growth | Research by SNS Insider

    2024-09-17T13:00:00Z

    According to Research by SNS Insider, Legacy Banks Collaborate with Fintech Companies to Improve Their Digital Platforms and Technology Infrastructure to Aid Digital Banking Platform Market Growth

    Pune, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Digital Banking Platform Market Size Analysis:

    “The global Digital Banking Platform Market, valued at USD 30.3 Billion in 2023, is projected to reach USD 164.7 Billion by 2032, growing at a compound annual growth rate (CAGR) of 20.7% during the forecast period.”

    The banking industry is rapidly going through digitalization, and smart mobile tools and digital banking services are required by consumers. These are the main drivers in the market. Thus, banks are mainly inclined towards digital banking platforms due to such benefits as lower IT cost, quick time-to-market, open banking, out-of-the-box yet an opportunity to configure solutions, omnichannel customer experience, and microservice architecture. For instance, it was recently announced that on December 12, 2022, Deloitte had teamed up with Amazon Web services to address a perennial issue: the transition to digital-first offerings that span the gamut of banking from customer-facing activities to the back office. Regarding the fact that the processors used by neo-banks are still shallow, they still represent a small market, but they grow faster in terms of increasing market share. Even though they serve their customers at about a third of the cost of a standard bank, the interest of venture backers in them appears to be waning. In the meantime, fintechs are focused on the most attractive niches in the value chain. The big techs and large user communities pose the greatest danger. Incumbents are spending a fortune on innovation, with only a few laggards fading away.


    Get a Sample Report of Digital Banking Platform Market@ https://www.snsinsider.com/sample-request/1228 

    Major Players Analysis Listed in this Report are:

    • Fiserv, Inc.
    • Crealogix AG
    • Temenos
    • Urban FT Group, Inc.
    • Appway AG
    • Alkami Technology Inc.
    • Finastra
    • Urban FT Group, Inc.
    • Q2 Software, Inc.
    • Sopra Banking Software
    • Tata Consultancy Service

    Digital Banking Platform Market Report Scope:

    Report AttributesDetails
    Market Size in 2023 USD 30.3 Bn
    Market Size by 2032USD 164.7 Bn
    CAGR CAGR of 20.7% From 2024 to 2032
    Base Year2023
    Forecast Period2024-2032
    Historical Data2020-2022
    Key Regional CoverageNorth America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
    Key Growth Drivers• Government initiatives to promote digital financial inclusion and favorable fintech regulations drive market growth.

    • Widespread smartphone usage and mobile internet access enable on-the-go banking services.

    Do you have any specific queries or need any customization research on Digital Banking Platform Market, Make an Enquiry Now@ https://www.snsinsider.com/enquiry/1228 

    Segmentation Dynamics

    The on-premise segment was the market leader, holding a revenue share of 73.2% in 2023. The on-premise model installed at the user’s site is a common choice for many users of these systems, as it is perceived by many as more secure than cloud software. If the software is hosted on the customer’s premises, their IT and security teams have direct access and therefore full control over its installation, configuration, management, and security. In various countries with strict regulations on the storage of financial data, large and well-established banks often opt for on-premise solutions because they have the capacity available. The cloud segment held the second-largest market share and there is potential for this segment to grow the fastest in terms of CAGR in the forecast period. The success of inclusive banking in the future will depend on the adoption of cloud and SaaS solutions. Although cloud and SaaS solutions provide basic financial services to the populations considered by inclusive banking, there are challenges in the inclusive banking environment.

    Digital Banking Platform Market Segmentation:

    By Deployment

    • On-Premise
    • Cloud

    By Mode

    • Online Banking
    • Mobile Banking

    By Type

    • Retail Banking
    • Corporate Banking
    • Investment Banking

    By Component

    • Platforms
    • Services
      • Professional Services
      • Managed Services

    Regional Insights

    Asia Pacific was the leading market in 2023, which held a share of 33.5%, and is expected to also exhibit the highest CAGR of 24.2% during the forecast period. The advent of new digital companies is expanding Asia’s digital banking industry; a new generation of digital institutions is completely changing the older norms and offering both individuals and companies tightly digitalized banking services. Due to the growing need for mobile and online banking solutions, there is huge potential for existing players as well as new entrants, owing to the increasing proportion of permits and a new set of banking regulations. North America was the second biggest market, holding a share of 27.2%, and is anticipated to grow at a CAGR of 19.9% during the forecast period. Cloud solutions are being adopted right into many sectors worldwide such as banking and finance. The increasing adoption of cloud solutions is resulting in banks deploying cloud-based digital banking platforms, which will continue due to their low initial cost and rapid update capabilities.

    Buy an Enterprise-User PDF of Digital Banking Platform Market Analysis & Outlook 2024-2032@ https://www.snsinsider.com/checkout/1228 

    Recent Developments

    • In April 2024, nCino provide individuals with an improved and better omnichannel consumer banking solution for grades and banks. After the introspection, this will ensure that bankers can now find out which of their customer’s preferences and needs in the financial services sector.
    • In September 2023, Temenos proved to be the most striking and useful risk-free and secure solution to banks. This invention incorporates generative Artificial Intelligence automation delivery to classify the banking transaction of any customer.

    Key Takeaways:

    • The on-premise segment held the leading revenue share in 2023 due to the surging adaption of the segment among the large banks with strict storage and data security guidelines.
    • The Asia Pacific region dominated the market with 33.5% of the revenue share in 2023 and will see the highest CAGR of 24.2% throughout the forecast period, driven by the establishment of new digital companies and the regulatory backing of digital banking enlargement.

    Table of Contents – Major Key Points

    1. Introduction

    2. Executive Summary

    3. Research Methodology

    4. Market Dynamics Impact Analysis

    5. Statistical Insights and Trends Reporting

    6. Competitive Landscape

    7. Digital Banking Platform Market Segmentation, by Deployment

    8. Digital Banking Platform Market Segmentation, by Mode

    9. Digital Banking Platform Market Segmentation, by Component

    10. Digital Banking Platform Market Segmentation, by Type

    11. Regional Analysis

    12. Company Profiles

    13. Use Cases and Best Practices

    14. Conclusion

    Access Complete Report Details of Digital Banking Platform Market Analysis Report 2024-2032@ https://www.snsinsider.com/reports/digital-banking-platform-market-1228 

    [For more information or need any customization research mail us at info@snsinsider.com]

    SNS Insider Offering/ Consulting Services:

    Go To Market Assessment Service

    Total Addressable Market (TAM) Assessment

    Competitive Benchmarking and Market Share Gain

    About Us:

    SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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