Gensyn Secures $43 Million Funding Round Led by a16z for Blockchain-based AI Computing Resources
Gensyn, a leading provider of blockchain-based computing resources for artificial intelligence platforms, has recently secured an impressive $43 million in a Series A funding round. The funding was led by renowned venture capital firm a16z, highlighting the growing interest in decentralized AI technologies.
Based in the United Kingdom, Gensyn has developed a groundbreaking protocol that empowers developers to build AI systems using smaller data centers, personal gaming computers, and other connected hardware. By leveraging blockchain technology, Gensyn’s platform allows users to pay for computing resources on demand, without the need for intermediaries.
What sets Gensyn apart is its cryptographic verification network, which enables users to ensure that machine learning work shared over the protocol has been accurately completed. This unique feature guarantees the integrity of AI processes while eliminating the dependence on centralized entities.
Co-founder of Gensyn, Ben Fielding, emphasized the significance of widespread accessibility, stating, “The realization of AI’s potential requires huge computational power. We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.” Fielding further expressed the importance of democratizing AI development to avoid biased technology that serves only a select few.
In addition to democratizing access, Gensyn’s decentralized networks provide intrinsic value based on supply and demand, according to co-founder Harry Grieve. By connecting underutilized hardware from around the world, the platform significantly increases the compute supply available for AI applications.
This funding round arrives at a time of burgeoning interest in AI, which has the potential to revolutionize various industries, including media, retail, manufacturing, and financial services. Just last month, chipmaker Nvidia reached a significant milestone with a valuation of $1 trillion, underscoring the growing significance of AI and its underlying technologies.
With this successful funding round, Gensyn has raised over $50 million to date. The company plans to utilize the fresh capital to expedite the introduction of its protocol and expand its workforce. This expansion will include the addition of protocol and machine learning engineers, bolstering Gensyn’s capabilities and furthering its commitment to innovation in the field.
In addition to venture capital giant a16z, other prominent investment firms such as CoinFund, Canonical Crypto, Protocol Labs, and Eden Block, along with several AI and crypto-focused venture capitalists and angel investors, participated in the funding round. This collaborative support highlights the industry’s recognition of Gensyn’s potential and reinforces the belief in the future of blockchain-based AI technologies.
Gensyn’s successful Series A funding round not only provides a significant boost to the company’s growth but also serves as a testament to the increasing importance of decentralized AI platforms. With its innovative protocol, Gensyn is paving the way for a more inclusive and transparent AI ecosystem, fostering the development of unbiased technology that benefits society as a whole.
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