Gensyn raises £33.8m in Series A funding led by a16z crypto to accelerate protocol launch
The Series A round was led by a16z crypto with participation from a broad group of venture firms to expand the team and accelerate product rollout.
Gensyn develops a decentralised compute protocol designed to let developers build artificial intelligence systems on connected hardware. The technology uses cryptographic verification to remove intermediaries from machine learning workloads.
Gensyn has secured £33.8m in a Series A funding round led by a16z crypto. The capital will be deployed to expand the team and accelerate the network's launch timeline. Participants in the financing include CoinFund, Protocol Labs, Canonical Crypto, Eden Block, Maven 11, Peer VC, Zee Prime, Id4, and M31 Capital.
Founded in 2020, the deep tech firm is constructing infrastructure to allow developers to harness globally distributed hardware for machine learning tasks. The latest investment brings the company's total funding past the $50m mark as demand for artificial intelligence compute capacity intensifies.
From the founder
"We believe in computational liberty,"
Harry Grieve
Co-founder at Gensyn
Investor perspective
"The recent advancements in AI are incredible and have the power to save the world, but substantial computational power requirements give big technology companies an advantage over startups in the race to capture AI’s value,"
Ali Yahya
General Partner, a16z crypto
Use of funds
- 01Grow the team
- 02Continue product development
Investors
Ali Yahya
a16z crypto
Jake Brukhman
CoinFund
Protocol Labs
Canonical Crypto
Eden Block
Maven 11
Peer
Zee Prime
Id4
M31 Capital