The fast-growing world of artificial intelligence is about to receive another big boost this week. The latest addition includes SingularityNET, a blockchain AI Startup.

According to Coin Telegraph, the startup has secured $36 million in fresh funding to build next-generation AI technology. What more interesting about this latest startup news is that the company has managed to raise fresh funding in a very short time, the website said. In just 60 seconds after opening the sale to the public, the company sold out of the whole amount of available AGI tokens, bringing the total sale to a whopping $36 million.

The company claims that in this week only, it has received registration application from about 20,000 people.

About SingularityNET, the rising blockchain star

Founded in 2017 and based in Zurich, Switzerland, SingularityNET is a decentralized open market for Artificial intelligence. The Swiss startup is the first and only platform that allows companies, organizations, and developers to buy and sell AI algorithms at large scale, lowering costs and at the same time increasing AI capabilities.

The company aims to create something ambitious and something new; a decentralized marketplace for artificial intelligence, providing the AIs to interact with each other as needed to solve customers’ problems.

AI and machine learning are getting more attention these days.

However, most of the AI development and big efforts made are largely controlled by large corporations. These tech behemoths like Microsoft and Google have developed their own proprietary systems and keep it in-house. SingularityNET intends to revolutionize and change the current playing field, allowing AI developers to monetize from them and help non-corporate users to benefit from them.

The AI startups get more intense

The AI chip is getting more intense these days, thanks to the enormous amount of demand across all fronts, which include gaming, data centers, and other potential artificial intelligence applications. Leading the AI chip charge is the Santa Clara-based GPU specialist Nvidia. The tech giant has seen a massive growth in its stock price in the past few months.

However, there’s a new group of players coming and it’s about to challenge Nvidia’s AI leadership.

A massive army of AI startups is making their huge presence in the hotly contested AI industry. According to TechCrunch, these AI startups have been working on their own hardware and systems that will be used on future AI-enabled devices. Some of the these AI startups have not yet built a significant install base but already appear to have no trouble raising fresh capital. Most of these startups have already received enormous funding from well-known venture capitalists. Companies like Cerebras Systems and Grapchore are making millions in fresh funding from various investors.

And it’s not just the US-based startups that getting more attention here, the Chinese market is also getting busy these days.

Leading the Chinese drive is the Chinese tech behemoth Alibaba, which reportedly made a significant investment in the highly lucrative artificial intelligence insdustry. The Chinese tech giant has invested a whopping $1 billion into a startup, Cambricon Technology.

In addition to Alibaba, US-based companies like Intel Capital are also making a huge play in the fast-growing Chinese AI market. The US tech giant has just led a $100 million investment for Horizon Robotics.