Blockchain-based computing network provider for AI platforms Gensyn has raised $43M in a Series A funding round led by a16z.
Pleased to have @a16zcrypto lead our $43M Series A and join us on the @gensynai journey!
Thanks also to @coinfund_io, @edenblockvc, @ZeePrimeCap, @Maven11Capital, @JSquare_co, @id4vcPeer, @ai, @protocollabs, @M31Capitaland some fantastic angelshttps://t.co/F3QBWbX1v7
— Ben Fielding 🇬🇧 (@fenbielding) June 11, 2023
Among the participants of the round: CoinFund, Canonical Crypto, Protocol Labs, Eden Block and other venture investors.
The London-based startup implements a marketplace protocol that allows owners of small data centers and even individual devices to provide computing power for machine learning. The relationship between buyers and sellers will be settled on the blockchain.
Gensyn acknowledged that the AI boom driven by the success of ChatGPT, which led to a surge in demand for computing resources, was the backdrop for the fundraising.
According to a16z, Gensyn’s solution can increase the power available for machine learning by 10-100 times.
.@guywuolletjr and @alive_eth deeply understand our space and have been super willing to share their insights@SuccinctJT has spent hours working through novel cryptographic concepts with ushttps://t.co/vm0Wg87VRT
— Ben Fielding 🇬🇧 (@fenbielding) June 11, 2023
“Artificial intelligence is laying the groundwork for the next industrial revolution, and realizing its potential requires massive computing power,” said startup co-founder Ben Fielding.
In his opinion, it is possible to meet the demand for resources through the participation of many people. The open infrastructure being developed by Gensyn connects AI modelers with the computing power providers they need.
Recall that in March 2022, Gensyn raised $6.5 million following the results of a seed round led by Eden Block.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!