Gensyn AI Receives $43M in a Series A Round Led by a16z
In Brief
AI startup Gensyn raised $42 million in a Series A round led by VC firm a16z.
The company will use the funds for team expansion and production costs.
Machine learning startup Gensyn AI has raised $43 million in Series A funding. A16z crypto led the round and several angel investors, including CoinFund, Canonical Crypto, Protocol Labs, and Eden Block, backed Gensyn AI’s Series A funding.
The company plans to give developers the means to create AI tools on a pay-as-you-go basis. The funds will be used for team expansion and production costs. This includes the test network launch, which will take place later this year.
Although artificial intelligence has become the focus of the tech industry, machine learning companies are still working to make decentralized technology work better.
Harry Grieve and Ben Fielding founded Gensyn AI in 2020. The concept of the project is to link every machine learning competent computing technology in the world, so that engineers, researchers, and academics have access to it. Computer gear that can do machine learning includes GPUs and CPUs. The biggest threat to this system is that developers must verify that the computational task has been executed well. Gensyn is a Layer 1 proof-of-stake blockchain based on the Substripe protocol.
“We share Harry and Ben’s belief in democratizing AI and ensuring that the massive potential productivity gains are available to any talented entrepreneur who wants to train a new model at scale, and are happy to partner with them on such an important endeavor,” said Ali Yahya, a16z crypto general partner.
The venture capital firm has recently invested in other artificial intelligence-focused startups. One of these is the chatbot developer Character AI, which raised $150 million in a Series A round in March of this year.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
