Gensyn, a company that offers AI platform developers access to blockchain-based computing resources, has closed a $43 million Series A fundraising round. A16z Venture Capital led the funding round and the latest round means the company has raised over $50 million. The news is being released at a time of soaring interest in artificial intelligence, which has the potential to revolutionise the way companies across many sectors function.
Gensyn AI was Founded in 2020 and provides a distributed machine learning compute interface, allowing for the interconnection of hardware dedicated to executing machine learning tasks. The company says it will use the new funds to speed up the protocol’s rollout and hire more people. The partnership’s overarching goal is to help Gensyn AI realise its vision of creating cutting-edge AI infrastructure.
The company foresees a time when people all around the world can contribute to AI research and development, making the benefits of increased productivity available to any ambitious entrepreneur who wants them. The goal of a16z’s collaboration with Gensyn AI is to increase the availability of AI infrastructure to entrepreneurs and innovators.
Large amounts of computing power are necessary for AI to reach its full potential. In addition, the AI revolution sparked by ChatGPT’s success has led to a spike in demand for GPUs. These computing processors are crucial for AI systems because of the sheer volume of data they must take in and process.
Working together with a16z will help startups compete with established digital giants by reducing the disparity in processing resources between them. Gensyn is bringing the power of the future to everyone at affordable market rates and without limits on size. The blockchain-based marketplace protocol implemented by the business allows developers to build AI systems with networked hardware and accepts various forms of payment on demand.
The infusion of capital will help the company expand and get off the ground faster, opening the path for a future driven by collaborative and objective AI. Gensyn hopes to further disrupt the AI field by solidifying its infrastructure, which will, in turn, facilitate wider collaboration and innovation.
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