Gensyn Raises $43 Million to Empower AI with Cryptographic Verification Networks, Backed by a16z and More!

AI and blockchain are highly discussed and influential technologies that are generating a lot of excitement worldwide. These days, it seems like all of the biggest news stories are involving AI and blockchain in some way, and none more recently than with the UK-based company Gensyn. Recently, Gensyn secured a $43 million, Series A funding round, led by venture capital giant a16z. Gensyn’s protocol allows developers to build AI systems on smaller data centers and personal gaming computers, paying on demand. Gensyn uses a cryptographic verification network, eliminating intermediaries, to ensure the accurate completion of machine learning work.

Ben Fielding, the co-founder of Gensyn said in a press release Monday (UTC) that “the realization of its (AI’s) potential requires huge computational power. We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.” And this is essential, as Fielding noted, for avoiding “dangerously biased technology serving the many but built by the few. The key to useful, aligned AI is allowing everyone in the world to contribute to its development.”

Gensyn Raises $50 Million to Revolutionize AI and Crypto Infrastructure

His co-founder, Harry Grieve echoed that sentiment by observing that “with decentralized networks, value simply accrues to the network as a function of supply and demand. It also sharply increases the amount of computing supply by connecting previously underutilized hardware from around the world.”

The announcement comes amid surging interest in AI, and why wouldn’t it? AI, when implemented properly, can revolutionize operations in various industries like media, retail, manufacturing, and financial services. Nvidia, a tech giant, has achieved a $1 trillion valuation for its GPUs that power AI systems.

Gensyn raised $50 million to accelerate its protocol, expand the team, and hire more engineers. A16z, Canonical Crypto, Protocol Labs, and Eden Block are among the prominent venture firms that have invested in Gensyn.

“We believe nobody combines the knowledge and cultural understanding of both the AI and crypto space better than Gensyn,” a16z crypto General Partner Ali Yahya noted. “And we look forward to partnering with them to make infrastructure for AI much more widely accessible.”

Gensyn’s Innovation Drives AI Revolution and Attracts Venture Capital Interest

 

With Gensyn, developers no longer need to rely on scarce server resources and GPUs provided by tech giants. This opens the door to many more people, regardless of their resources, to join the world of AI development. Gensyn’s access to untapped AI computational power is crucial for handling complex algorithms and datasets effectively.

Big tech firms and VCs are embracing AI to unlock its full potential and maximize its benefits. Gensyn’s access to untapped AI computational power enables them to tackle complex algorithms and datasets effectively.

Where once crypto projects reigned, now is the era of AI. Venture capitalists are increasingly interested in AI investments due to its proven value for consumers, says Evan Cheng. This means that many smaller companies and entrepreneurs now have a chance to make their mark in the AI space.

As Gensyn’s recent $43 million investment demonstrates, AI is not only the future of computing but also of venture capitalism. Gensyn’s success demonstrates that combining audacious ideas with a mission to create a positive impact can achieve anything. We look forward to seeing the incredible advancements Gensyn will bring as they revolutionize AI technology.

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Chris Griffin
Chris has had a career as an advisor to the tech industry, incubating start-ups in the tech industry. Welcoming Chris to contribute his expertise covering the latest things he sees in blockchain