Gensyn, a blockchain-powered AI compute protocol, successfully concludes a Series A funding round worth $43M, spearheaded by a16z.

The capital infusion arrives at a time of soaring interest in AI. Gensyn confidently declared that it will utilize these funds to expedite the launch of the protocol and significantly augment its workforce.

Gensyn, a leading provider of blockchain-based computing resources for AI platforms, has successfully secured an impressive $43 million in Series A funding. This funding round was led by a16z, a renowned venture capital giant.

Based in the United Kingdom, Gensyn’s groundbreaking protocol empowers developers to construct AI systems using smaller data centers, personal gaming computers, and other connected hardware. The unique feature of paying on demand is facilitated through their cryptographic verification network, eliminating the need for intermediaries. This network ensures that machine learning work shared over the protocol is completed accurately.

In a press release, Ben Fielding, co-founder of Gensyn, emphasized the immense computational power required to fully realize the potential of AI. He expressed the company’s mission of harnessing this power of the new age and making it universally accessible, offering unlimited scalability and fair market prices to all.

Fielding further emphasized that this level of accessibility is vital to prevent the development of dangerously biased technology that serves the interests of a few, rather than the many. He believes that inclusive contribution from individuals worldwide is the key to developing useful and aligned AI.

Harry Grieve, another co-founder of Gensyn, highlighted the benefits of decentralized networks, stating that value naturally accumulates within the network based on supply and demand dynamics. Additionally, Grieve pointed out that such networks significantly expand the available compute supply by effectively connecting underutilized hardware from all corners of the globe.

This exciting announcement comes at a time of heightened interest in AI, as it holds the potential to revolutionize various industries such as media, retail, manufacturing, and financial services. Notably, leading computer chipmaker Nvidia recently achieved a remarkable $1 trillion valuation, underscoring the growing significance of AI.

Having raised over $50 million in total funding, Gensyn intends to leverage this latest capital injection to accelerate the deployment of its protocol and expand its workforce. This expansion includes hiring skilled protocol and machine learning engineers. The Series A round received strong support from prominent investment firms, including CoinFund, Canonical Crypto, Protocol Labs, and Eden Block, as well as a range of AI and crypto venture capitalists and angels who joined a16z.

Ali Yahya, a General Partner specializing in crypto at a16z, acknowledged the incredible advancements in AI but highlighted the significant advantage that large technology companies possess due to their extensive computational power. Yahya praised Gensyn for their unique combination of knowledge and cultural understanding in both the AI and crypto cypherpunk realms. He expressed excitement about partnering with Gensyn to make AI infrastructure more widely accessible, fostering greater inclusivity in the AI landscape.


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