Harry

United

Eden

Polygon

<p class="is-style-lead">UK-based Gensyn AI recently secured $43 million in Series A funding led by a16z crypto. The company wants to enable developers to build AI tools using a flexible pay-as-you-go model.</p>



<p>The funding round saw participation from investors like CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and a group of angel investors.</p>



<h2 class="wp-block-heading" id="unlocking-ai">Unlocking AI</h2>



<p>Gensysn, a U.K.-based company, has developed a protocol that enables developers to create AI systems using smaller data centers, personal computers, and connected hardware, with a pay-on-demand model. </p>



<p>Through its cryptographic verification network, Gensysn eliminates the need for intermediaries and allows users to independently verify the completion of machine learning work shared over the protocol.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">NEWS: <a href="https://twitter.com/gensynai?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Gensynai</a>, an AML blockchain-based AI company, raised $43M in its Series A funding round.<br><br>📰: <a href="https://t.co/iJVTndtwvR" target="_blank">https://t.co/iJVTndtwvR</a> <a href="https://t.co/QZyvu0szEY" target="_blank">pic.twitter.com/QZyvu0szEY</a></p>&mdash; CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1668173963342790658?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Including its most recent funding round, Gensyn has successfully raised over $50 million, and the company has expressed its intention to utilize the new capital to expedite the rollout of its protocol. </p>



<p>Additionally, Gensyn plans to grow its workforce, specifically by hiring more protocol and machine learning engineers, as part of its expansion strategy.</p>




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<p>On the same day, the venture capital firm&nbsp;<a href="https://www.businesswire.com/news/home/20230611005029/en/Andreessen-Horowitz-%E2%80%9Ca16z%E2%80%9D-Announces-its-First-International-Expansion-to-the-United-Kingdom" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;its intention to host the upcoming Crypto Startup School accelerator program in the U.K. during the spring of 2024. </p>



<p>The program will focus on nurturing talent, extending support to blockchain clubs, and promoting the development of a curriculum centred around blockchain technology. </p>



<blockquote class="wp-block-quote">
<p>&#8220;A decentralized Machine Learning Compute Protocol facilitates reduced costs and increased supply, thereby enabling a larger number of AI developers to construct state-of-the-art models.”</p>
<cite>Harry Grieve, Gensyn AI co-founder commenting to crypto.news. </cite></blockquote>



<p>By actively engaging with academic institutions, a16z seeks to contribute to the growth and advancement of the blockchain ecosystem in the United Kingdom.</p>



<h2 class="wp-block-heading" id="continuous-optimization">Continuous optimization</h2>



<p>Gensyn AI&#8217;s announcement comes just a few weeks after reports of AI&#8217;s rally, which has propelled the Nasdaq composite index to 23% growth since the beginning of the year.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Why Katie Haun Left a16z to Launch Her Own Crypto Fund" width="1020" height="574" src="https://www.youtube.com/embed/9oaNVgOi0Eo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Among the notable players driving this trend is Nvidia, renowned for its high-end chips that power data centers utilized by the latest generative AI innovations like ChatGPT. With their strong market presence and innovative technology, </p>



<p>Nvidia may become the first chipmaker with a valuation exceeding $1 trillion. This development highlights the increasing impact of decentralized machine learning and blockchain technologies on making the industry more accessible for the widespread population.</p>




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a16z leads $43m funding round for Gensyn AI

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