Unicorner - 🦄 Blockchain-powered machine learning

October 02, 2023 | Read Online

🦄 Unicorner Startup of the Week: Gensyn

✍️ Notes from the Editors

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Okay, yeah. Totally see it. Blockchain, machine learning, AI—at first glance, Gensyn seems like one of those companies that tried to game investors using as many buzzwords as they could.

Here’s the thing. There’s a difference between companies that claim to be building something relevant and companies that are. Gensyn falls into the latter category. Why? Computing power gates access to ML for many amateur engineers. Blockchain (more specifically, decentralized computing resources) can be a very real solution in a world dominated by cloud companies like AWS. Take a look for yourself and let us know what you think in a reply.

All that said, after conversations with founders Harry and Ben, we’re super excited to bring Gensyn to you today. Enjoy!

- Ethan and Arek 🦄

Collecting ML compute power with blockchain

Gensyn is a London-based startup that aims to democratize machine learning and AI development by uniting the world’s compute resources into a global supercluster, a combined, massive computing platform where resources (like processing power) are pooled together. Gensyn utilizes blockchain technology to verify the proper execution of the computational tasks executed on the devices it relies on, the power of which it later distributes to engineers, researchers, and academics.

🔗 Check it out: gensyn.ai

💰 Business Model

Gensyn is currently available for users who wish to sign up for early access, which is accessible through the company’s website. It runs under a pay-on-demand model.

📈 Traction and Fundraising

Raised $43 million Series A round led by a16z; other participants include CoinFund, Canonical Crypto, Protocol Labs, Eden Block, Maven 11, and a number of angel investors
Aims to disintermediate cloud oligopolists like AWS and does not charge a margin

👫 Founders

Ben Fielding, Co-founder: Previously LD14 Cohort Member @ Entrepreneur First, Machine Learning Consultant @ Ricochet AI, Co-founder and CEO @ Fair Custodian, Director @ Research Analytics, Computer Science BS and PhD @ Northumbria University
Harry Grieve, Co-founder: Previously Angel Investor @ Modulus Labs, Catapult, Altitude Labs, and thymia, LD14 Cohort Member @ Entrepreneur First, Director of Data Research @ Cytora, Master of Public Affairs @ Brown University, Economics and Finance MA @ University of Aberdeen

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🔮 Our Analysis

Gensyn’s decision to combine blockchain with machine learning is a testament to its forward-thinking approach. The tech industry has seen both of these technologies rise independently, but their merger promises potential synergies that could revolutionize computational efficiency, mostly having to deal with the training of AI and ML models. Its P2P network provides ease of access to everyone seeking to be involved. The company’s goal of opening the gates of AI and ML data training beyond AWS and Azure users adds to its strong value proposition, as well as a mission that goes beyond profit. In fact, because Gensyn is building a protocol, it operates as a non-profit entity, further solidifying its position as a team with a humanitarian purpose. Gensyn can capitalize on their case for a strong development team to later take on a for-profit journey.

📚 Further Reading

Gensyn AI Secures $43M for Decentralized Machine Learning Led by a16z [Decrypt]
Gensyn Litepaper [Gensyn]

Written by Manvel Muradyan

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Highlights and advertisements from our community

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