Synthetic Minds Raises $5.5 Million in Funding Backed by Pantera Capital
The blockchain investment company Pantera Capital and the venture capital firm Khosla Ventures backed the smart contract security startup Synthetic Minds in a $5.5 million funding round.
The information has been released on Monday by Synthetic Minds. The main intention is to roll out a technology that is capable of analyzing blockchain networks for coding bugs. The company explained that the round has received important support from Pantera Capital and Khosla Ventures.
Synthetic Minds was founded back in 2017 and has been working with Y Combinator’s summer program. This allowed the startup to receive investment and launch the first version of its technology to the market.
It is important to mention that Synthetic Minds uses a computer science method that is known as program synthesis. This program is also used by other organizations such as NASA with some of its projects like the Mars Rover.
Synthetic Minds says that its technology can read and synthesize computer code better than humans. Furthermore, the company says that developers can pay more attention to design and usability rather than detecting and optimizing technological bugs that are located in blockchain networks.
On the matter, the company explained:
“Eventually, using program synthesis we will be able to offload most of the programming for mission-critical systems to software, leaving humans free to do high-level architectural design.”
There are different companies that are working with blockchain technology. According to a recent Glassdoor investigation, there are 300% times more jobs offers related to blockchain technology compared to a year ago.
However, the number of Initial Coin Offerings (ICOs) in the market has decreased compared to the last quarter of 2017.