In the ever-evolving world of technology, the spotlight now shines on artificial intelligence (AI). Companies like UK-based Gensyn AI, which recently secured $43 million in Series A funding led by a16z crypto, are working tirelessly to harness the power of decentralized technology for AI applications. Founded in 2020 by Ben Fielding and Harry Grieve, Gensyn AI’s mission is to enable developers to create AI tools on a pay-as-you-go model.
Gensyn AI’s approach is to connect all machine learning-capable compute hardware globally, including GPUs and CPUs, making it accessible to engineers, researchers, and academics. This decentralized machine learning compute protocol requires solving the issue of verifying the accuracy of computational tasks executed on devices. Fielding claims that Gensyn AI has addressed this challenge specifically for machine learning training.
The company’s solution is built on a layer one proof-of-stake blockchain based on the Substripe protocol. Layer 1 blockchains, like Bitcoin and Ethereum’s base protocols, form the foundational layer where transactions occur and blocks are added to the chain. Grieve touts the benefits of Gensyn AI’s approach, stating that it is unlimited in scale and incurs a minimal verification overhead.
Other notable investors in Gensyn’s fundraising round include CoinFund, Canonical Crypto, Protocol Labs, and Eden Block, as well as various angel investors. Ali Yahya, a16z crypto general partner, expressed excitement about their partnership with Gensyn AI, stating a shared belief in democratizing AI and ensuring productivity gains are accessible to talented entrepreneurs.
While AI is indeed an industry buzzword, Grieve emphasizes that Gensyn AI’s primary focus is machine learning. The company’s origin is deeply rooted in machine learning and deep learning, so their approach to problems and solutions is grounded in that perspective, not just the hype around cryptocurrencies.
The new funding will be used to expand Gensyn AI’s team and cover production costs, including a test network launch later this year. Yahya recognizes the recent advancements in AI, but also notes the current computational power requirements that favor large technology companies over startups. Their partnership with Gensyn AI aims to make AI infrastructure more widely accessible.
Gensyn AI’s recent funding round isn’t a16z’s first foray into AI. In March, the venture capital giant invested in chatbot developer Character AI, demonstrating their ongoing commitment to advancing AI technology.
As Fielding highlighted, this investment marks a turning point for Gensyn AI, transitioning from solving research problems to focusing on building the necessary infrastructure for their vision. With the support of their new partner, a16z, Gensyn AI is poised to make a groundbreaking impact in AI and decentralized technology.
Source: Decrypt
