ICOs have raised more than USD 3.6 billion year to date, and there is one ICO that is doing its share to lift the tally even further before the new year. In what company officials have characterized as "overwhelming demand," investors comprised of 10,000 registrants have pledged more than USD 150 million to the SingularityNET ICO. The startup was originally targeting USD 36 million in its ICO.
The robust response has prompted the AI and machine learning startup to extend their token sale period to the latter half of December. They say this will give them the time they need to "reaffirm" their legal and security practices while also making sure that they distribute their AGI tokens fairly.
SingularityNet is a decentralized marketplace for artificial intelligence algorithms that gives techies the ability to monetize their programs at scale. They are famous for their chief robot, Sophia Hanson, who is the one who ignited this response from the investor community to begin with.
If SingularityNet were to raise USD 150 million in its ICO, that would put it at the same level as the Bancor token sale that unfolded over the summer. Bancor is behind a protocol to make digital coins more transparent, but unfortunately its own coin plummeted in value on the heels of its token sale due to "trading glitches," as per CNBC. Bancor's BNT coin, however was trading higher by more than 1% today at USD 2.50 but it remains a far cry from its high of about USD 23.73.
Another past ICO with similar fundraising results was Canadian mainstream messaging app KIK, which attracted nearly USD 100 million to its token sale even after excluding Canadian investors amid regulatory concerns. The startup is reportedly considering moving its platform away from the Ethereum network to a different blockchain, but there has been nothing announced yet. The company's KIN coin was down more than 3% today on a day when several of the leading cryptocurrencies were trading in the red.
An ICO that is more than four times oversubscribed is a good sign for SingularityNET, particularly if the AI startup is able to continue the momentum and progress once the excitement from the token sale subsides.