Prime Intellect

Prime Intellect

About Prime Intellect

Simplify's Rating
Why Prime Intellect is rated
B+
Rated B on Competitive Edge
Rated A on Growth Potential
Rated B on Rating Differentiation

Industries

Enterprise Software

AI & Machine Learning

Company Size

11-50

Company Stage

Seed

Total Funding

$5.4M

Headquarters

San Francisco, California

Founded

2024

Overview

Company Does Not Provide H1B Sponsorship

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Launched Recently
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Significant Headcount Growth
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Simplify's Take

What believers are saying

  • Decentralized AI model training is gaining traction as a cost-effective approach.
  • Investment in decentralized AI platforms is increasing, with major firms leading funding rounds.
  • The rise of decentralized computing platforms enables scalable and efficient AI model training.

What critics are saying

  • Increased competition from established AI companies could threaten Prime Intellect's market share.
  • Potential regulatory scrutiny on decentralized AI models may pose compliance challenges.
  • Volatility in cryptocurrency markets could impact Prime Intellect's funding and operational stability.

What makes Prime Intellect unique

  • Prime Intellect combines centralized and decentralized GPU resources for cost-effective AI computing.
  • The company enables users to own parts of AI models they train.
  • Prime Intellect focuses on democratizing AI development through decentralized platforms.

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Funding

Total Funding

$5.3M

Above

Industry Average

Funded Over

1 Rounds

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.
Seed Funding Comparison
Above Average

Industry standards

$3.3M
$2M
Netflix
$2.3M
Instacart
$3M
Robinhood
$5.5M
Prime Intellect

Benefits

Company Equity

Flexible Work Hours

Remote Work Options

Relocation Assistance

Professional Development Budget

Conference Attendance Budget

Growth & Insights and Company News

Headcount

6 month growth

↑ 12%

1 year growth

↑ 28%

2 year growth

↑ 28%
GetCoAI
Oct 12th, 2024
Prime Intellect launches initiative to train open model with decentralized computing

Prime Intellect launches initiative to train open model with decentralized computing.

PR Newswire
Jul 25th, 2024
Coinfund Expands Best-In-Class Team, Launches Podcast As Firm Commemorates Nine Years Of Service

NEW YORK, July 25, 2024 /PRNewswire/ -- CoinFund , one of the world's longest-operating cryptonative investment firms and a registered investment adviser, commemorates the firm's 9th anniversary with the announcement of four strategic hires and the launch of a new podcast , Mined with CoinFund.EXPANDING THE TEAMCoinFund proudly announces the addition of four subject matter specialists to support an uptick in deal operations and the long-term growth of the brand.With the addition of New York City-based Adriana Armstrong as Executive Assistant, the firm broadens its leadership support and employee and workplace experiences. Adriana brings over 10 years of internal operations, office management, and executive support to CoinFund, most recently working as a consultant at Illuminate Ventures and New System Ventures.In an effort to further strengthen its operational foundation, CoinFund has bolstered its Finance team with the addition of New Jersey-based Matt Manley as a Finance Operations Associate. Prior to CoinFund, Manley was a Senior Accountant in Withum's Emerging Technology group serving on the Digital Assets and Blockchain team, and brings more than seven years of combined audit and digital asset experience to the role from best in class providers like Copper.co and KPMG.CoinFund announces that Malaysia-based Walter Teng has joined CoinFund as an Investor on the Liquid Investments team, deepening the firm's connectivity in Asia. Prior to CoinFund, Teng served as a liquid investor at MSA Novo, and spent more than two years at FundStrat, most recently acting as Vice President of Digital Asset Strategy where he focused on DeFi and small cap strategies.The firm has also continued to expand its commitment to post-investment services, growing its Marketing team with the addition of New York City-based Cam Thompson. In her newly created role as Content Manager for CoinFund, Thompson will amplify the firm's storytelling via written and visual content. Most recently she served as a Copywriter and Creator Liaison at Celo Foundation and covered the trends of the crypto industry as a web3 beat reporter for CoinDesk."CoinFund is a state of the art investment firm designed for the next generation of the internet built on decentralization technology and web3," commented Jake Brukhman, Founder, CoinFund

Crypto Times
Apr 24th, 2024
Prime Intellect Raises $5.5M Seed

Prime Intellect, a decentralized AI startup, has secured $5.5M in seed funding led by CoinFund and Distributed Global, with additional support from Compound, Collab+Currency, Protocol Labs, and others. The company is developing a platform that combines centralized and decentralized GPU resources to offer reduced-cost computing and aims to democratize AI development by enabling users to own parts of AI models they train. Co-founders Vincent Weisser and Johannes Hagemann lead the initiative.

Fortune
Apr 23rd, 2024
AI startup Prime Intellect raises $5.5M to build high-powered, decentralized research platform

Prime Intellect announced a seed raise to help launch a decentralized platform on which researchers can collaborate and build open-source AI models.

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