Gensyn, a UK-based provider of blockchain-powered computing resources for artificial intelligence (AI) platforms, has successfully secured $43 million in a Series A funding round. Prominent venture capital firm a16z led the investment, with participation from CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and multiple AI and crypto venture capitalists.
Traditionally, developing AI systems necessitated access to massive data centers, giving major technology companies the upper hand against startups in the highly competitive AI sector. However, Gensyn aims to level the playing field by allowing developers to build AI systems on smaller data centers, personal gaming computers, and other connected hardware, while paying on demand. The company’s cryptographic verification network eliminates the need for intermediaries, allowing users to verify the completion of shared machine learning tasks directly.
According to Gensyn co-founder Ben Fielding, the realization of AI’s potential relies on immense computational power. By harnessing next-generation electricity and making it widely accessible at fair market prices, Fielding believes the company is preventing the spread of dangerously biased technology that caters to the majority but is built by a select few. The key to creating useful, aligned AI, he points out, is allowing everyone worldwide to contribute to its development.
In addition to fostering accessibility, Gensyn’s decentralized network enhances the value of the network itself through supply and demand dynamics, according to co-founder Harry Grieve. By connecting underutilized hardware from around the globe, Gensyn’s platform significantly increases the overall compute supply available.
As a testament to the far-reaching implications of AI advancements, last month, computer chipmaker Nvidia surpassed a $1 trillion valuation. Nvidia’s graphics processing units (GPUs) are integral to AI systems across numerous industries, such as media, retail, manufacturing, and financial services.
With more than $50 million in total funding, Gensyn plans to use the new capital to accelerate the deployment of its protocol and expand its team, particularly by recruiting protocol and machine learning engineers. a16z crypto General Partner Ali Yahya has expressed excitement about the partnership with Gensyn, emphasizing the company’s unique ability to combine AI and crypto expertise, and bring AI infrastructure within reach for a broader audience.
Source: Coindesk
