Venture Trotter Weekly Review: Using Web3 to Level the Playing Field in the AI Arms Race

Gensyn, a blockchain-based marketplace for compute power to train machine learning models, raised $43M in a round led by a16z. Gensyn aims to enable startups to compete against major tech companies with large data centers and substantial computing power in the AI arms race. Per a16z, “By tapping into the long tail of idle, machine-learning-capable compute around the world — such as in smaller data centers, personal gaming computers, M1 and M2 Macs, and eventually even smartphones — Gensyn can potentially 10-100x the available compute power for machine learning.”  

We are very excited about the potential use cases for Decentralized Physical Infrastructure Networks (DePINs) like Gensyn. Although AI has become the hottest topic in tech since OpenAI released ChatGPT on November 30th 2022, machine learning models come with very high hardware costs. If Web3 technology can be used to substantially lower the costs for an AI startup to develop and train a model, we might be looking at one of the most exciting mainstream use cases of blockchain technology yet. Keep an eye on our website and Twitter page because we will begin publishing research on DePINs very soon.

The full list of the institutional investments that Ruceto tracked last week is below. Links to the target company website, investment announcement, and token info are provided via hyperlinks on the Target Name, $ Raised, and Token columns respectively.

Target Name $ Raised Lead Investors Description Token
A marketplace protocol for compute for AI workloads that connects developers building machine learning models with anyone who can contribute compute power for training those models
Spanish crypto exchange that is registered with the Bank of Spain
Polychain Capital, Polygon Ventures, and others
Builder of a protocol the company calls, "the HTTP of Web3" which enables "applications that can securely interact with users, tokens, and other applications on any chain"
Salesforce Ventures
AI-powered NFT data, analytics, and insights provider for builders, brands, and enterprises
OSS Capital
Tokenized social network that enables researchers to earn rewards for openly sharing their work, collaborate, and receive feedback
Blockchange Ventures
Web3 collector community and marketplace
Y Combinator, NAZCA, Global Founders Capital, Goodwater Capital, SOMA Capital, Amasia, Creditease, Dentsu Ventures, MS&AD, Orange DAO, and more
Payment solutions provider for wallets, wallet-as-a-service providers, marketplaces, and games
Tribe Capital and Kraken Ventures
Multi-chain risk and collateral management protocol
Utilizes decentralized identity, data, and finance primitives into a full-stack solution that allows anyone to claim anything about anything, while incentivizing attestations of useful truths, encouraging people and machines to share their relevant knowledge, thoughts, and opinions with the world
White Star Capital
Crypto payments company
Reciprocal Ventures
Serverless development platform on Solana

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Disclaimer: The content presented is for informational purposes only and does not constitute financial, investment, tax, legal, or professional advice. Nothing contained in this report is a direct or indirect recommendation or suggestion to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. Ruceto does not guarantee the accuracy, completeness, sequence, or timeliness of any of this content. Please see our Terms of Service for more information.

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