Gensyn applies distributed computing token for AI developers and raises $6.5M – TechCrunch

For self-driving cars and other applications developed using AI, you need something called “deep learning”, the basic concepts of which emerged in the 1950s. training patterns based on patterns similar to those seen in the human brain. This, in turn, requires a large amount of computing power, as enabled by TPUs (Tensor Processing Units) or GPUs (Graphics Processing Units) running for long periods of time. However, the cost of this computing power is beyond the reach of most AI developers, who largely lease it from cloud computing platforms such as AWS or Azure. What is there to do?

Well, one approach is that taken by British startup Gensyn. He took the idea of ​​distributed computing power from older projects such as SETI@home and the COVID-19 focused Folding@home and applied it in the direction of this desire for deep learning among developers. of AI. The result is a way to get high-performance computing power from a distributed network of computers.

Gensyn has now raised a $6.5 million seed led by Eden Block, a Web3 VC. Galaxy Digital, Maven 11, Coinfund, Hypersphere, Zee Prime, and the founders of some blockchain protocols are also participating in the round. This is in addition to a previously unannounced $1.1 million pre-seed investment in 2021 – led by 7% Ventures and Counterview Capital, with participation from Entrepreneur First and id4 Ventures.

In a statement, Harry Grieve, co-founder of Gensyn, said: “Growing demand for hardware – and big margins – is why familiar names like AWS and Azure have been battling for such market share. high. The result is an expensive and centralized market…. We’ve designed a better way – superior on price, with unlimited scalability and no gatekeepers.

To achieve this, Gensyn announces that it will launch its distributed computing network for training AI models. This network uses a blockchain to verify that deep learning tasks have been performed correctly, triggering payments via a token. This then monetizes unused computing power in verifiable ways. Gensyn also claims that it is a more environmentally friendly solution, as this computing power would otherwise go unused.

Lior Messika, Managing Partner at Eden Block, said, “Gensyn’s goal to truly democratize computing with decentralized technology is perhaps the most ambitious company we’ve come across…The team aims to positively disrupt the world. one of the largest and fastest growing markets in the world. world, dramatically reducing the cost and friction associated with training large-scale neural networks. »

During a call with me, Grieve added, “Our estimate is that it’s up to 80% cheaper in the average price per unit or standard Nividia GPU type, or 45 cents per hour, compared to around two dollars an hour for other cloud services.”

Comments are closed.