Considering its most recent fundraising, the company now stands at a valuation of over $50 million.
Machine Learning (ML) compute protocol Gensyn has successfully raised $43 million in a Series A funding round. The round was led by venture capital (VC) giant a16z but also featured investments from other notable VCs. Some of them include Canonical Crypto, CoinFund, Eden Block, and Protocol Labs, as well as other angel investors with an interest in Artificial Intelligence (AI) and cryptocurrencies.
Considering its most recent fundraising, the company now stands at a valuation of over $50 million.
Gensyn Eyes Expansion of Protocol with New Funding
With the fund, Gensyn will be seeking to bolster the adoption of its compute protocol. The provider of blockchain-based computing resources for AI systems claims that it will be able to achieve this, by hiring more protocol and machine learning developers.
In a news statement on Monday (UTC), Gensysn co-founder Ben Fielding claims that the company’s ultimate goal is to field a level playing ground for AI development on a global scale. That is, in such a way that everyone can participate in the development of an ‘unbiased’ AI technology.
Fielding, however, also admits that achieving this AI dream will require a huge computational power. To this end, he wrote:
“We’re harnessing the electricity of the new age and making it available to everyone at unlimited scale and fair market prices.”
AI Interest Rises
The latest development comes at a time when interest in AI is on the rise, albeit globally. As a fact, technology appears to be changing the ways that firms across many industries conduct their businesses. These include media, retail, manufacturing, and especially financial services.
To put the above statement into perspective, computer chipmaker Nvidia recently reached a $1 trillion valuation. And for what it’s worth, Nvidia’s core products are essentially graphics processing units (GPUs) at the center of AI systems. Like Amazon, Microsoft, Nvidia, and many others, it is widely claimed that companies that don’t embrace AI may be left behind.
Gensyn taps into AI by allowing developers to create AI systems on smaller data centers, gaming PCs, and other connected gear. It does this while still making payments on demand. Additionally, Gensyn’s cryptographic verification network allows users to verify that ML work delivered across the protocol has been completed. That is even without intermediaries.
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Source: https://www.coinspeaker.com/gensyn-43m-series-a-funding/