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September 29, 2023
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Gensyn raises £33.8m in a16z crypto-led round

British startup Gensyn has secured £33.8m in Series A funding led by a16z crypto for its decentralised AI creation software.

US-based a16z crypto is a crypto and web3 fund from Andreessen Horowitz, which revealed today it will be opening its first overseas office in London.

London-based Gensyn is looking to replace the requirement for traditional cloud infrastructure from “oligopolists” through a pay-as-you-go decentralised machine learning system, verified with cryptography.

Harry Grieve, co-founder of Gensyn, said: “We believe in computational liberty. Cloud oligopolists have sought rent on hardware for over a decade now – and it holds everyone back.”

“With decentralised networks, you approach things from a different perspective, there is no margin from an intermediary, value simply accrues to the network as a function of supply and demand.”

The Series A round also saw CoinFund, Protocol Labs, Canonical Crypto, Eden Block, Maven 11, Peer VC, Zee Prime, Id4, M31 Capital, angels and others invest in Gensyn.

With the funding, the startup plans to grow its team and prepare to launch its product. Total investment into Gensyn now stands at $50m (£39.9m).

“We believe the key to useful, aligned AI is allowing everyone in the world to contribute to its development,” said Ben Fielding, Gensyn co-founder.

“The best way to mitigate bias and misalignment is to allow more people to build models that reflect their views.”

The post Gensyn raises £33.8m in a16z crypto-led round appeared first on UKTN | UK Tech News.

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