Gensyn, a London, UK-based blockchain-based AI compute protocol, raised $43 million in a Series A funding, bringing Gensyn's total raised capital to over $50 million.
The round was led by venture capital firm a16z, a prominent player in the industry, with participation from investment firms such as CoinFund, Canonical Crypto, Protocol Labs, and Eden Block, along with various AI and crypto venture capitalists and angel investors.
The company intends to utilize the fresh investment to expedite the adoption of its protocol and expand its team, particularly by hiring protocol and machine learning engineers.
Gensyn is a provider of blockchain-based computing resources for artificial intelligence (AI) platforms. The company uses a cryptographic verification network that allows users to determine whether machine learning work shared over the protocol has been done correctly without the need for an intermediary.
“The realization of its (AI’s) potential requires huge computational power,” Gensysn co-founder Ben Fielding, said in a press release. “We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.”
In the release, Gensyn co-founder Harry Grieve also noted that “with decentralized networks, the value simply accrues to the network as a function of supply and demand.”
“It also sharply increases the amount of compute supply by connecting previously underutilized hardware from around the world,” he said.
Company: Gensyn Limited
Round: Series A
Funding Month: June 2023
Lead Investors: a16z
Additional Investors: CoinFund, Canonical Crypto, Protocol Labs, Eden Block
Company Website: https://www.gensyn.ai/
Software Category: Blockchain-based AI Compute Protocol
About the Company: Founded in 2020 by Ben Fielding and Harry Grieve, Gensyn is a provider of blockchain-based computing resources for AI platforms, and the protocol enables developers to build AI systems on smaller data centers, personal gaming computers, and other connected hardware and to pay on demand. Gensyn's decentralized machine-learning technology allows deep and machine-learning models to be trained at unprecedented scale and efficiency.