Gensyn, a blockchain-based AI compute protocol, raised $43M in a Series A funding round led by a16z.

Gensyn, a company that provides blockchain-based computing resources for artificial intelligence platforms (AI), has raised $43 million in a Series A funding round led by venture capital firm a16z.

The U.K.-based company’s protocol allows 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 in a press release on Monday (UTC). “We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.”

Fielding said that such widespread accessibility was “essential” for avoiding “dangerously biased technology serving the many but built by the few. The key to useful, aligned AI is allowing everyone in the world to contribute to its development.”

Gensyn co-founder Harry Grieve also noted that “with decentralized networks, value simply accrues to the network as a function of supply and demand.”

The announcement comes at a time of surging interest in AI, which could potentially transform the way businesses operate in various industries, including media, retail, manufacturing, and financial services. Last month, computer chipmaker Nvidia, whose products are integral for the graphics processing units (GPUs) at the core of AI systems, reached a $1 trillion valuation.

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, including the addition of protocol and machine learning engineers. CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and a variety of AI and crypto venture capitalists and angels joined a16z in the round.

“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 in a statement. “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.”

Edited by James Rubin.

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