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Blockchain start-up Gensyn has secured $24m in a funding round led by Andreessen Horowitz to accelerate the introduction of its blockchain protocol. Other top investors who took part in the round included CoinFund, Protocol Labs and Eden Block, as well as a variety of crypto venture capitalists and artificial intelligence (AI) and blockchain investors. The funds will be used to expand the company’s team and move ahead with the development and introduction of its protocol.
This article originally appeared on www.coindesk.com
Gensyn, a blockchain-based AI compute protocol, announced on Monday that it has successfully closed its $43 million series A funding round led by a16z Crypto. The funding will aid Gensyn in expanding its platform and scaling its operations.
The Gensyn protocol is designed to solve the computational bottleneck issues that have long plagued AI and machine learning applications. It enables collaboration between individual compute providers, enabling them to seamlessly share resources and optimally allocate workloads based on market conditions. The result is a highly efficient and transparent AI compute platform that creates equitable value distribution among compute providers.
The Gensyn team has achieved several important milestones in recent months, including the development of a decentralized algorithm for resource allocation. This algorithm is designed to ensure that all compute providers are compensated fairly for their work, while also optimizing the use of network resources. Additionally, Gensyn has launched its test network, which provides developers with a sandbox environment to experiment with the protocol.
The series A funding round attracted a solid group of investors, including top-tier venture capital firms like a16z Crypto, Polychain Capital, and Paradigm. Other noteworthy investors include Sequoia Capital, Lightspeed Venture Partners, and Pantera Capital.
In a statement, Chris Dixon, general partner at a16z Crypto, expressed his confidence in the Gensyn protocol, stating that “its ability to solve the compute bottlenecks that have hindered AI for years is compelling.” He also praised the team behind Gensyn, noting that their “experience and expertise in the blockchain and crypto spaces position the company well for success in this space.”
With the successful close of its series A funding round, Gensyn is well-positioned to advance its mission of creating a more efficient and equitable AI compute platform. The company plans to use the funds to expand its development team, invest in marketing and business development efforts, and continue building out the Gensyn platform.
The Gensyn team is optimistic about the future of AI and machine learning, and believes that its protocol can play a key role in advancing these technologies. With the support of its investors and the broader tech community, Gensyn is poised to become a major player in the AI compute space in the years to come.
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