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Venture Capital
edenblock.com

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Investments

13

Portfolio Exits

1

About Eden Block

Eden Block is a venture investment firm focused on growing blockchain, AI, and cybersecurity companies.

Eden Block Headquarter Location

Arieh Shenkar 1

Herzeliya, 4672501,

Israel

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Latest Eden Block News

Gensyn secures £4.8 million Seed investment led by Eden Block

Mar 24, 2022

Gensyn raises $6.5m to launch trustless deep learning network Pioneering tech enables machine learning engineers to train AI models at higher scale and lower cost Gensyn , a London-based AI protocol, has raised a $6.5 million seed round to launch a first-of-its-kind decentralised compute network for training AI models. The network connects GPUs and provides their owners with a financial return for running deep learning training tasks submitted by users. Using a blockchain network, Gensyn has created a way to trustlessly verify that the deep learning tasks have been performed correctly, triggering payments via a token. The investment is led by Eden Block – a high conviction web3 infrastructure VC. Other new investors include Galaxy Digital, Maven 11, Coinfund, Hypersphere, Zee Prime and founders from major blockchain protocols. This adds to a previously unannounced pre-seed investment of $1.1m in 2021 – led by 7percent Ventures and Counterview Capital, with participation from Entrepreneur First and id4 Ventures. Deep learning is essential for the development of sophisticated AI applications, from self-driving cars to creating images from captions or accurately explaining any topic. The models that these applications are based on have to be trained via a hugely complex process of trial and error, in a loosely similar way to which the human brain learns to perform specific functions. This requires a significant amount of compute power, often seeing many TPUs (Tensor Processing Units) or GPUs (Graphics Processing Units) running for a long period of time, which most AI developers do not have access to in-house. This means that the necessary compute has to be rented from cloud compute providers such as AWS or Azure – however, for many developers, this eventually becomes prohibitively expensive and effectively scales down or stalls development. Gensyn offers a cost efficient alternative to this model while delivering higher scale compute power. The team estimates that over half of the world’s potential compute power – from personal computers to data centres – is wasted through the hardware sitting idle. Mining proof-of-work cryptocurrencies currently provides a return for some of this idle compute, albeit with a significant environmental cost, as the computations are solely used to maintain consensus and the lower-level work itself is effectively unused. The Gensyn network taps into this compute power for useful work in the same way that voluntary distributed network initiatives – such as  [email protected]  and the COVID-19 focussed  [email protected]  – have previously done. The key difference is that Gensyn both enables organisations to monetise their unused compute power in an environmentally conscious way and gives developers on-demand access to a high scale deep learning compute source that is trustworthy despite being decentralised. Harry Grieve, co-founder of Gensyn, says: “Deep learning has revolutionised diverse areas from facial recognition to spy plane radar operation. The core concepts emerged in the ‘50s, but the last decade has seen real world application grow sharply – and this will only increase. With this scale comes existential questions about our work, life, and identity. This, along with ballooning demand for hardware – and fat margins – is why the usual names like AWS and Azure have fought to command such high market share. The result is a market which is more expensive and places control of who-gets-what in the hands of centralised entities. We’ve spoken to a number of companies with staggering cloud compute bills who struggle to purchase outright the hardware that they need; so we designed a better way – superior on price, with unlimited scalability, and no gatekeepers.”  Ben Fielding, co-founder of Gensyn, adds: “Deep learning models, regardless of your opinions on their level of consciousness, have proven to be tremendously effective at tackling end-to-end tasks involving complex data. However, training these models requires enormous computational resources. Resources which are currently accessible only via the major cloud providers, or by building and hosting your own permanent physical cluster. Gensyn takes the approach of trustlessly connecting existing compute together – allowing it to be used for highly distributed deep learning training on-demand – at a fair market price. This allows anyone to effectively access all of the world’s AI-capable hardware, removing barriers to AI research and development, and creating a path towards the realisation of global scale Artificial General Intelligence.” Lior Messika, managing partner at Eden Block, comments: “Gensyn’s goal of truly democratising compute with decentralised technology is perhaps the most ambitious endeavour we’ve come across. On a broader level, Gensyn is addressing an incredibly salient question in the technological world: who will have the final say on the future of Artificial Intelligence – a select few, or the people? Beyond the cultural and societal implications of Gensyn’s mission, the team aims to positively disrupt one of the largest and fastest growing markets in the world, by drastically reducing the costs and friction associated with training neural networks at scale. I couldn’t be more proud of supporting Gensyn on its journey, a team fueled by a powerful vision and a relentless set of values.”  About Gensyn: Gensyn is the hyperscale, cost efficient compute protocol for training the world’s deep learning models. The team is based in London but operates fully remotely and is hiring globally. Read more in their litepaper  here  or to join the community in their  Discord .

Eden Block Investments

13 Investments

Eden Block has made 13 investments. Their latest investment was in Gensyn as part of their Seed VC - II on March 3, 2022.

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Eden Block Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/21/2022

Seed VC - II

Gensyn

$6.5M

Yes

4

1/26/2022

Seed VC

Hal Collective

$3M

Yes

1

7/28/2021

Series A

Biconomy

$9M

No

14

7/16/2021

Seed VC - III

Subscribe to see more

$99M

Subscribe to see more

10

3/18/2021

Seed VC - II

Subscribe to see more

$99M

Subscribe to see more

10

Date

3/21/2022

1/26/2022

7/28/2021

7/16/2021

3/18/2021

Round

Seed VC - II

Seed VC

Series A

Seed VC - III

Seed VC - II

Company

Gensyn

Hal Collective

Biconomy

Subscribe to see more

Subscribe to see more

Amount

$6.5M

$3M

$9M

$99M

$99M

New?

Yes

Yes

No

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

4

1

14

10

10

Eden Block Portfolio Exits

1 Portfolio Exit

Eden Block has 1 portfolio exit. Their latest portfolio exit was GK8 on November 01, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/1/2021

Acquired

$99M

3

Date

11/1/2021

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

3

Eden Block Team

2 Team Members

Eden Block has 2 team members, including current Managing Partner, Lior Messika.

Name

Work History

Title

Status

Lior Messika

Managing Partner

Current

Rami Beracha

General Partner

Current

Name

Lior Messika

Rami Beracha

Work History

Title

Managing Partner

General Partner

Status

Current

Current

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