London-based Gensyn, a revolutionary blockchain-based marketplace protocol connecting buyers and sellers of computing power, has announced an impressive $43 million Series A funding. This funding round was led by A16z Crypto, with participation from leading investors such as CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several angel investors. However, the value of the company is still a secret.
The role of AI Boom and Gensyn:
In a press release, Gensyn highlighted the backdrop to this significant Series A rise, attributing it to the fast-growing artificial intelligence (AI) industry. The success of ChatGPT, an advanced language model developed by OpenAI, has sparked an AI revolution, resulting in a spike in GPU demand. These computational processors are essential for AI systems to effectively absorb and process large amounts of information.
Understanding the Gensyn Marketplace Protocol:
Gensyn’s blockchain-based marketplace protocol empowers developers to build AI systems using interconnected hardware while offering flexible on-demand payment options. The platform uses a strong cryptographic verification system to ensure users are confident that their machine learning tasks sent via the protocol are completed accurately.
Gensyn Co-founder Vision and Words:
In a written statement, Ben Fielding, co-founder of Gensyn, expressed his belief in the transformative power of AI, stressing the need for immense computing power. He stated that the key to achieving useful and impartial AI is enabling global participation in its development. Gensyn aims to provide an open infrastructure that seamlessly connects AI models with critical resources, especially computing hardware, to facilitate multiple perspectives and minimize bias.
Continued Momentum and Future Plans:
Gensyn previously secured $6.5 million in seed funding led by Eden Block in March 2022. With the recent capital inflow, the company plans to accelerate its launch and expand its team through strategic hiring. By strengthening its foundations, Gensyn aims to further disrupt the AI landscape, 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 computing power. Their blockchain-based marketplace protocol offers developers a unique platform to build AI systems using connected hardware while ensuring reliable and accurate results via a cryptographic verification system. With a commitment to inclusivity and open infrastructure, Gensyn aims to empower global participation in AI development. This injection of funding will fuel the company’s growth and accelerate its rollout, paving the way for a collaborative and impartial artificial intelligence-driven future.