Blockchain-Based, AI Compute Protocol Gensyn Closes $43M Series
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Gensyn, an AI platform for blockchain-based computing resources, conducted a fundraising series that closed at $43 million. Gensyn’s cryptographic verification network enables advanced machine learning work and ensures that it is correctly completed.
Blockchain-based company Gensyn to offer the best cryptographic verification network
A16z, a leading venture capital firm, has led a $43 million series. A fundraising round for Gensyn, a provider of blockchain-based computing resources for AI platforms.
The protocol created by the UK-based business enables programmers to develop AI systems on different systems. Such as smaller data centers, gaming machines and other connected equipment while allowing payment on demand. Gensyn’s cryptographic verification network enables users to verify that machine learning work delivered across the protocol has been properly completed. Gensyn’s cryptographic verification network does not use intermediaries.
According to a Gensyn news release on Monday (UTC), co-founder Ben Fielding, “realizing its (AI’s) potential requires enormous computational power.” “We are harnessing new age electricity and making it available to everyone at unlimited scale and fair market prices”, said Ben.
According to Fielding, having such wide availability was “essential” to prevent the development of dangerously biased technology that served the majority while being created by the minority. Allowing everyone in the world to contribute to AI development is the key to proper, aligned AI.
Harry Grieve, a co-founder of Gensyn, added that “with decentralized networks, the value simply accrues to the network as a function of supply and demand.” He added that connecting previously underutilized equipment from around the world “also greatly increases the amount of data provision.”
The development comes at a time when interest in AI is on the rise. It has the potential to transform business in various sectors, including media, retail, manufacturing and financial services. A $1 trillion valuation was achieved by computer chip maker Nvidia in May 2023. Nvidia’s products are crucial to the graphics processing units (GPUs) at the center of AI systems.
With its latest round, Gensyn raised more than $50 million. The company stated that it will use the additional funding to accelerate the adoption of the protocol. It will also hire more protocol and machine learning engineers. A16z was joined in the round by renowned investment firms CoinFund, Canonical Crypto, Protocol Labs and Eden Block. It also included a number of venture capitalists and angel investors with an interest in AI and cryptocurrencies.
In a statement, a16z crypto General Partner Ali Yahya stated: “The recent advances in AI are incredible. He also noted that significant computational power requirements give a competitive advantage to large technology companies in the battle to capture the value of AI. “We look forward to working together with Gensyn to make infrastructure for AI much more accessible,” the authors write. Yahya added that they believed no one combines the knowledge and cultural understanding of both the AI and cryptocypherpunk worlds better than Gensyn.
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