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Gensyn AI raises 6 billion yen
A16z crypto, the crypto asset (virtual currency) investment arm of major US VC Andreessen Horowitz (a16z), led a series A funding round of approximately 6 billion yen ($43 million) by UK-based Gensyn AI on the 11th. announced.
Besides a16z, CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several angel investors have also invested.
The funds raised will be used to expand Gensyn AI’s workforce and cover development costs such as the launch of a test network scheduled for the second half of this year.
According to Gensyn AI co-founder Ben Fielding, Gensyn can be defined as a “distributed machine learning computing protocol.” It is a blockchain-based marketplace that connects developers who can train machine learning models with people who want to train machine learning models.
It uses smart contracts to verify that a machine learning training task has been performed and to immediately reward the developer for performing the task.
Gensyn AI is a Layer 1 proof-of-stake (PoS) blockchain based on the Substripe protocol, according to Gensyn AI co-founder Harry Grieve. It is said that the scale is expandable and the cost of resources for data verification is extremely low.
What is a smart contract
It refers to a mechanism that automatically executes a contract according to pre-programmed conditions. Ethereum is a typical blockchain that implements smart contract functions. When concluding a contract, there are many cases where administrative work such as intermediary and contract creation is required, so by enabling automatic contract execution, efficiency improvement and cost reduction can be expected. .
Cryptocurrency Glossary
“Fairness in the field of AI development”
Gensyn leverages available computing power by harnessing the world’s underutilized machine learning-enabled computing resources (from small data centers to personal computers and smartphones) for machine learning. It is also envisioned as a 10- to 100-fold increase in the
a16z said Gensyn’s services create a level playing field for startups when it comes to artificial intelligence.
a16z says that building AI systems requires access to massive computing power and data centers. For this reason, he pointed out that large technology companies have an advantage over startups in creating value from AI.
Gensyn then says it will help startups by enabling them to access massive computing power at an affordable price.
a16z crypto general partner Ali Yahya commented:
We share Gensyn’s desire to provide solutions that can significantly increase productivity for talented entrepreneurs who need to train new machine learning models, and we are delighted to be working with them. .
Invested in Character AI
a16z also invested in the AI field in March. It led a series A funding round of about ¥20.9 billion ($150 million) for chatbot developer Character AI.
Character AI is a company founded by former Google software engineers. The service allows users to chat with characters based on real people, such as Tesla CEO Elon Musk, as well as historical and fictional characters, such as William Shakespeare.
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