London-based Gensyn, a revolutionary blockchain-based marketplace protocol connecting buyers and sellers of compute power, has announced an impressive $43 million in Series A funding. This funding round was led by A16z Crypto, with participation from prominent investors such as CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several angel investors. The valuation of the company, however, remains undisclosed.
The AI Boom and Gensyn’s Role:
In a press release, Gensyn highlighted the backdrop of this significant Series A raise, attributing it to the booming artificial intelligence (AI) industry. The success of ChatGPT, an advanced language model developed by OpenAI, has ignited an AI revolution, resulting in a surge in demand for GPUs. These compute processors are essential for AI systems to absorb and process vast amounts of information effectively.
Understanding Gensyn’s Marketplace Protocol:
Gensyn’s blockchain-based marketplace protocol empowers developers to construct AI systems using interconnected hardware while offering flexible, on-demand payment options. The platform employs a robust cryptographic verification system to ensure users are confident that their machine-learning tasks sent via the protocol are accurately completed.
The Vision and Words of Gensyn’s Co-founder:
In a written statement, Ben Fielding, Gensyn’s co-founder, expressed his belief in the transformative power of AI, emphasizing the necessity for immense computational power. He stated that the key to achieving useful and unbiased AI is enabling global participation in its development. Gensyn aims to provide an open infrastructure that seamlessly connects AI models with essential resources, primarily computational hardware, to facilitate diverse perspectives and minimize bias.
Continued Momentum and Future Plans:
Gensyn had previously secured $6.5 million in seed funding led by Eden Block in March 2022. With this recent influx of capital, the company plans to accelerate its launch and expand its team through strategic hiring. By strengthening its foundation, Gensyn aims to disrupt the AI landscape further, enabling widespread collaboration and innovation.
London-based Gensyn’s successful Series A funding round of $43 million signifies the growing importance of AI and the need for advanced computational power. Their blockchain-based marketplace protocol offers developers a unique platform to build AI systems using connected hardware while ensuring reliable and accurate results through a cryptographic verification system. With a commitment to inclusivity and open infrastructure, Gensyn aims to empower global participation in AI development. This funding injection will fuel the company’s growth and expedite its launch, paving the way for a future driven by collaborative and unbiased artificial intelligence.
