Home
News
- 1 Gensyn recently closed a fundraising round at $43 million.
- 2 Gensyn’s co-founder stated that they are harnessing electricity in the digital age and will make it available to everyone.
- 3 a16z crypto general partner Ali Yahya believes that Gensyn successfully merges the AI and crypto cyberpunk worlds.
Gensyn, an AI platform for blockchain-based computing resources conducted a fundraising series that closed on $43 million. Gensyn’s cryptographic verification network allows advanced machine learning work and ensures it is correctly completed.
Blockchain-Based Firm Gensyn To Provide 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 U.K.-based business enables programmers to develop AI systems on various systems. Like smaller data centres, gaming machines, and other connected gear while also allowing for on-demand payment. Gensyn’s cryptographic verification network enables users to verify that machine learning work delivered across the protocol has been correctly completed. Gensyn’s cryptographic verification network does not use middlemen.
According to a news statement from Gensyn on Monday (UTC), co-founder Ben Fielding, “the realisation of its (AI’s) potential requires huge computational power.” “We’re harnessing the electricity of the new age and making it available to everyone at unlimited scale and fair market prices”, said Ben.
According to Fielding, having such broad accessibility was “essential” for preventing 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 decentralised networks, the value simply accrues to the network as a function of supply and demand.” He added that connecting previously underutilized gear from around the world, “also sharply increases the amount of computing supply.”
The development comes at a time when interest in AI is on the rise. It has the potential to reshape operations in various sectors, including media, retail, manufacturing, and financial services. A $1 trillion valuation was attained by computer chipmaker Nvidia in May 2023. Nvidia’s products are essential for the graphics processing units (GPUs) at the centre of AI systems.
With its most recent round, Gensyn raised more than $50 million. The company stated that it will utilize the additional funding to hasten the adoption of the protocol. It will also hire more protocol and machine learning engineers. A16z was joined in the round by renowned investment companies 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 advancements in AI are incredible. He also noted that substantial computational power requirements provide a competitive advantage to big technology companies in the race to capture the value of AI. “We look forward to partnering with Gensyn to make infrastructure for AI much more widely accessible,” the authors write. Yahya added that they believed nobody combines the knowledge and cultural understanding of both the AI and crypto cypherpunk worlds better than Gensyn.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
