Blockchain-based AI computing protocol Gensyn has completed a $43 million Series A financing round, led by a16z with participation from CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and other angel investors. The raised funds will be used to accelerate the protocol launch, expand the team, including hiring more protocol and machine learning engineers.
According to CoinDesk, Gensyn allows developers to build artificial intelligence systems on smaller data centers, personal gaming computers, and other connected hardware, and pay as they go. Gensyn also uses an encrypted validation network, allowing users to determine whether the sharing and learning work through the protocol has been completed correctly without the need for intermediaries.
Reference: https://www.coindesk.com/business/2023/06/11/blockchain-based-ai-compute-protocol-gensyn-closes-43m-series-a-funding-round-led-by-a16z/
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