Gensyn, a blockchain-based marketplace protocol connecting buyers and sellers of computing power, has announced a remarkable achievement in its journey toward revolutionizing the computing industry.
The company recently concluded a successful Series A fundraising round, securing an impressive $43 million. While the exact valuation of Gensyn following the Series A funding has not been published, the large investment raised demonstrates the company’s recognition and interest from investors.
Soaring Interest in AI
The recent $43 million Series A fundraising round for Gensyn couldn’t have come at a better moment. Artificial intelligence (AI) is gaining popularity, and Gensyn intends to profit from this rising demand. With the new funding, the company plans to speed the rollout of its marketplace protocol and grow its personnel in order to meet its ambitious goals.
Artificial intelligence has emerged as a transformative technology with the potential to revolutionize various industries. However, the success of AI applications relies heavily on robust computing power.
Gensyn’s marketplace protocol, therefore, bridges the gap between buyers and sellers of compute power, providing a decentralized platform that can meet the surging demand for AI-related computational resources.
Gensyn Funding Backed Industry Giants
Leading the investment was a16z Crypto, a renowned venture capital firm specializing in crypto and blockchain technologies.
The firm was joined by prominent investors such as CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several angel investors, whose support has contributed to the company’s growth and development.
While commenting on the announcement, the Founder of Canonical, Anand Iyer highlighted that AI has become an essential aspect of our lives, yet developing AI systems necessitates a vast amount of computer power. “This has traditionally favored “big tech”, leaving smaller entities behind. But we are at a turning point, and Gensyn is leading the way,” says Iyer.
Resilience in the Crypto Space
The successful $43 million Series A fundraising for Gensyn is indeed notable, particularly considering the current climate of the crypto market.
While the failure of exchanges, particularly FTX, may have affected funding within the crypto market, Gensyn’s substantial Series A fundraising showcases the ongoing support and interest in innovative blockchain projects. The funding round demonstrates the resilience of the industry and the belief in the potential of decentralized platforms.