Gensyn, a provider of blockchain-based computing resources for artificial intelligence (AI) platforms, has recently secured a $43 million Series A funding round, led by venture capital giant a16z. The U.K.-based company’s protocol enables developers to build AI systems on smaller data centers, personal gaming computers, and other connected hardware, and to pay on demand. Gensyn uses a cryptographic verification network that allows users to determine that machine learning work shared over the protocol has been finished correctly, without the need for intermediaries.
The realization of its (AI’s) potential requires huge computational power, said Gensyn co-founder Ben Fielding. We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices. Fielding noted that such widespread accessibility was essential for avoiding dangerously biased technology serving the many but built by the few.
Gensyn co-founder Harry Grieve also noted that with decentralized networks, value simply accrues to the network as a function of supply and demand. He added that it sharply increases the amount of compute supply by connecting previously underutilized hardware from around the world.
The announcement comes amid surging interest in AI, which could potentially transform the way businesses in a range of industries operate. With its latest round, Gensyn has raised more than $50 million and the company said it would use the fresh capital to accelerate the introduction of the protocol and to expand its workforce.
The recent advancements in AI are incredible, but substantial computational power requirements give big technology companies an advantage over startups in the race to capture AI’s value, said a16z crypto General Partner Ali Yahya. We believe nobody combines the knowledge and cultural understanding of both the AI and crypto cypherpunk worlds better than Gensyn, and look forward to partnering with them to make infrastructure for AI much more widely accessible.