London-based AI company Gensyn has closed a $ 6.5m (£ 4.92m) funding seed round led by Eden Block Web3 VC infrastructure Eden Block.
The funding will go towards launching Gensyn’s decentralized computer network to train AI models.
Gensyn harnesses the computing power of idle GPUs by connecting them to a larger network, providing a financial return from the hardware owners.
The Gensyn model seeks to offer a cost-effective alternative for those looking to deploy deep-learning AI technology without paying the overpriced computing power and server costs to cloud providers like Amazon Web Services (AWS).
The company estimates that more than half of the world’s potential computing power, contained in PCs and data centers, is being wasted by idle hardware.
Similarly, crypto mining has been used to exploit the capabilities of idle hardware. Gensyn argues, however, that his model does not have the same environmentally harmful factors.
“In-depth learning has changed areas ranging from face recognition to spy plane radar operation,” said Harry Grieve, Gensyn co-founder.
“Balloon demand for hardware – and fat margins – is why common names like AWS and Azure have fought to gain such high market share. The result is a more expensive market that controls who gets what in the hands of centralized entities. ”
Grieve added: “We spoke to a number of companies with huge cloud computing bills who are struggling to fully purchase the hardware they need; so we designed a better way – better priced, with unlimited scalability, and no gates ”.
Lior Messika, managing partner at Eden Block, said: “Gensyn’s goal to democratize decentralized technology may be the most ambitious endeavor we have encountered.”
Other participants in the seed round include Galaxy Digital, Maven 11, Coinfund, Hypersphere and Zee Prime.
The company previously raised a pre-seed investment of $ 1.1m in 2021 led by 7percent Ventures and Counterview Capital.
AI startups harnessing the power of idle GPUs raise £ 5m
Source link AI startups harnessing the power of idle GPUs raise £ 5m