On Monday, the prominent blockchain-powered artificial intelligence (AI) computing protocol Gensyn announced that the Series A funding round generated $43 million. The funding round was led by the best-performing venture capital Andreessen Horowitz a16z.
Other high-profile tech and crypto companies participating in Gensyn’s funding round included Protocol Labs, Canonical Crypto, Eden Block, CoinFund, and others.
Gensyn Funding Round
In a press release, the co-founder of Gensyn Ben Fielding confirmed that for the company to realize its end goal, it requires massive computational power. Fielding asserted that Gensyn has focused on exploring ways to utilize electricity to ensure it is readily available to the public. He mentioned that Gensly has invested in ensuring that electricity is available at an affordable price.
In his report, Fielding underscored the benefits of improving the accessibility of electricity. He stated that to address the current technology biasness, it was important to improve the accessibility of electricity.
Apparently, technological growth has been hindered by market biases. It implies that technology will serve many, but only some are willing to invest in the development and growth of innovation.
Unlike other technologies, Fielding confirmed that AI technology had provided a unique platform where developers can provide valuable inputs towards the development of artificial intelligence technologies.
Gensyn Reveals Next Move
Harry Grieve, the co-founder of Gensyn, argued that through the decentralized networks, the demand and supply curves determine the profits to be accumulated by the network. Grieve stated that by utilizing the unused hardware, it was possible to increase the computation power.
According to Gensyn, the company has managed to secure around $50 million from the funding round. The investment will be rerouted toward the development of revolutionary protocols.
Also, the company plans to recruit new talents in the machine learning and protocol departments. In a statement, the general partner of a16z, Ali Yahya, explained the need to increase the computation power of AI technology.
He praised the latest development in AI, which enabled tech industry heavyweights to gain a competitive advantage over the others.
Yahya applauded the commendable work done by Gensyn in integrating AI into crypto-cypherpunk technologies. He stated that the a16z team would support Gensyn in building essential infrastructures for AI that will improve its accessibility.
Since 2020 Gensyn has been supporting developers to create AI tools centered on smaller data centers. Remarkably, Gensyn has assisted developers in building their AI-powered gaming computers and other hardware.
Benefits of Increasing Computation Power for AI
The Gensyn protocol utilizes a cryptographic verification network that functions without third-party services. The user is mandated to ensure the verification process, executed by machine learning technologies, has successfully been completed.
Recently businesses, governments, and investors have been exploring ways to leverage AI technology to boost the quality of life. AI technology exhibits massive potential to transform business performance and profitability.
Beyond this, AI technology has been applied across multiple retail, manufacturing, media, and financial industries.
In May, the Santa Clara-based computer chipmaker Nvidia generated substantial gains following the increased demand for AI generative tools developed by the firm. It was reported that Nvidia products form the basis for developing graphic processing units (GPUs).
On May 31, it was reported that the sale of Nvidia chips propelled the firm value to soar to $1 trillion.
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