Gensyn’s decentralized AI-computing network project raises $43 million

The blockchain-based compute network provider for the Gensyn AI platform raised $43 million in a Series A financing round led by a16z.

Pleased to have @a16zcrypto lead our $43M Series A and join us on the @gensynai journey!

Thanks also to @coinfund_io, @edenblockvc, @ZeePrimeCap, @Maven11Capital, @JSquare_co, @id4vc, Peer, @ai, @protocollabs, @M31Capital, and some fantastic angelshttps://t.co/F3QBWbX1v7

— Ben Fielding ?? (@fenbielding) June 11, 2023

\n\n\n

The London-based startup is building a marketplace protocol that enables owners of small data centres and even individual devices to offer computing power for machine learning. Relationships between buyers and sellers are settled on the blockchain.

\n\n\n

Gensyn acknowledged that the fundraising was driven by the AI boom sparked by the success of ChatGPT, which led to a surge in demand for computing resources.

\n\n\n

According to a16z, Gensyn’s solution could increase the available compute power for machine learning by 10 to 100 times.

\n\n\n

.@guywuolletjr and @alive_eth deeply understand our space and have been super willing to share their insights@SuccinctJT has spent hours working through novel cryptographic concepts with ushttps://t.co/vm0Wg87VRT

— Ben Fielding ?? (@fenbielding) June 11, 2023

\n\n\n

«Искусственный интеллект закладывает основу для следующей промышленной революции, а для реализации его потенциала требуются огромные вычислительные мощности», — подчеркнул соучредитель стартапа Бен Филдинг.

\n\n\n

In his view, the demand for resources can be met through the participation of many people. The open infrastructure being developed by Gensyn enables connecting AI-model creators with providers of the necessary computing power.

\n\n\n

As reported in March 2022, Gensyn raised $6.5 million in a seed round led by Eden Block.