Blockchain-based marketplace for compute power Gensyn raises $43 million

Quick Take

  • The round comes amid soaring demand for compute processing power driven by the AI boom.
  • A16z crypto led the mammoth Series A alongside a bevy of other crypto and AI sector investors.

London-based Gensyn, a blockchain-based marketplace protocol connecting buyers and sellers of compute power, today announced a $43 million Series A fundraise.

A16z Crypto led the round, alongside CoinFund, Canonical Crypto, Protocol Labs, Eden Block, Maven 11 and various angel investors. No valuation was disclosed.

The backdrop to the mammoth Series A raise, as pointed out in a press release, is the AI boom driven by ChaptGPT’s success and the subsequent spike in demand it has driven for GPUs, the compute processors that enable such systems to absorb information.

Gensyn is a blockchain-based marketplace protocol that enables developers to build AI systems using connected hardware while paying on-demand. It uses a cryptographic verification system to give users confidence that the machine learning work sent via the protocol has been completed correctly.

A new industrial revolution?


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“Artificial Intelligence is laying a foundation for the next industrial revolution, and the realisation of its potential requires huge computational power,” Ben Fielding, Gensyn’s co-founder, said in a written statement.

“We believe the key to useful, aligned AI is allowing everyone in the world to contribute to its development. The best way to mitigate bias and misalignment is to allow more people to build models that reflect their views. In order to do that we need open infrastructure that connects models to the core resources, crucially computational hardware, that make them function.”

Gensyn closed a $6.5 million seed round led by Eden Block in March 2022. The startup’s latest capital injection will be used to speed on its launch as well as for hiring.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.