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HomeBlockchain Technologya16z Lands $43 Million for New Blockchain Firm Gensyn

a16z Lands $43 Million for New Blockchain Firm Gensyn

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Earlier today, we put out a news story talking about a16z. The venture capital firm has lots of big blockchain-related plans including opening a new crypto school aimed at garnering funds for blockchain startups, setting up a new office in London, and continuing its funding of blockchain businesses.

a16z Helps Gensyn Move Forward

This new article has to do with the latter, as recently, a $43 million funding round was secured by a16z for a new blockchain company called Gensyn. The firm is a provider of blockchain computing resources for AI platforms. Gensyn co-founder Ben Fielding explained in a recent press release:

The realization of its (AI’s) potential requires huge computational power. We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.

The company is centered right in the heart of London, where a16z is planning to expand. Right now, the company’s protocol enables developers to establish new AI systems on smaller data centers, personal gaming computers, and other hardware for paying on demand. The goal is to get rid of all intermediaries, thus ensuring a fully trustless environment, keeping middlemen out of the fray, and guaranteeing that all machine-learning work is completed correctly.

The firm’s co-founder Harry Grieve also threw his two cents into the mix, commenting:

With decentralized networks, value simply accrues to the network as a function of supply and demand. It also sharply increases the amount of compute supply by connecting previously underutilized hardware from around the world.

General partner at a16z Ali Yahya said the growing number of advancements in AI are truly astounding. Thus, helping to fund Gensyn made perfect sense. Yahya said:

The recent advancements in AI are incredible, but substantial computational power requirements give big technology companies an advantage over startups in the race to capture AI’s value. We believe nobody combines the knowledge and cultural understanding of both the AI and crypto cypher punk worlds better than Gensyn, and [we] look forward to partnering with them to make infrastructure for AI much more widely accessible.

With this latest round, the company has garnered more than $50 million in new funding. The firm said it’s planning to use the money to grow its workforce and bring additional protocol and machine-learning engineers aboard.

While the funding round was led by a16z, many venture capital firms – including Coin Fund, Canonical Crypto, Protocol Labs, Eden Block, and others – were quick to take part and offer cash payments to help the growing company get what it needed.

AI Keeps Getting Bigger

Fielding concluded with:

The key to useful, aligned AI is allowing everyone in the world to contribute to its development.

The news comes just as the world of AI is expanding further than ever.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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