Gensyn AI Secures $43M in a Series A Funding Round Led by a16z

Gensyn AI, a startup focused on machine learning, has achieved $43 million in Series A funding, with a16z crypto at the helm, backed by various angel investors including CoinFund, Canonical Crypto, Protocol Labs, and Eden Block.

The company intends to offer developers the ability to build AI solutions on a pay-as-you-go framework. The raised capital will support team growth and production costs, including the planned launch of a test network later this year.

While artificial intelligence is at the forefront of tech developments, machine learning firms continue to strive for better functionality in decentralized technology.

Founded by Harry Grieve and Ben Fielding in 2020, Gensyn AI aims to create a network that connects all machine learning-capable computing tech globally, granting engineers, researchers, and academics the tools they need. This includes hardware such as GPUs and CPUs. The major challenge for this system is ensuring developers can validate that their computational tasks are performed accurately. Gensyn operates on a Layer 1 proof-of-stake blockchain that utilizes the Substripe protocol.

Ali Yahya, a general partner at a16z crypto, stated, 'We align with Harry and Ben on the mission to democratize AI, ensuring that the enormous productivity potential can be accessed by any skilled entrepreneur looking to scale up model training. We're excited to collaborate on such a meaningful project.'

Recently, the venture capital firm has also invested in other AI-centric startups, including Character AI, a developer of chatbots that raised $150 million in a Series A funding earlier this March.

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