Share this article
Pantera Capital Backs Blockchain Security Startup's $5.5 Million Round
Smart contract security startup Synthetic Minds has raised $5.5 million from investors including Pantera Capital.
By Wolfie Zhao
Updated Sep 13, 2021, 8:30 a.m. Published Oct 22, 2018, 11:00 a.m.
Make us preferred on Google
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
San Francisco-based smart contract security startup Synthetic Minds has raised $5.5 million for its bid to roll out a technology that analyses blockchain networks for coding bugs.
Announcing the news on Monday, Synthetic Minds said the round was backed by blockchain investment firm Pantera Capital and Khosla Ventures, a California-based venture capital firm focusing on internet startups.
Founded in 2017, Synthetic Minds has just graduated from from startup accelerator Y Combinator's summer program, during which it also received investment and launched the first version of its technology.
The company explained in its release that it is building its product using a computer science method called program synthesis, which is utilize by organizations dealing with high value and permanent programs, such as NASA with the space station and the Mars Rover.
Since space applications and blockchains share these characteristics, Synthetic Minds turned to program synthesis to design automation technology that it claims is able to "analyze (read) and synthesize (write) computer code better than humans can."
The tech would allow blockchain and smart contract developers to focus on higher-level aspects of design, while the product itself would detect and optimize technological bugs found in blockchain networks' code.
The startup states in the release:
"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."
The seed funding follows Pantera's recent news that it has launched its third crypto fund, with over $71 million committed from 90 investors.
The venture firm has previously invested in major blockchain projects including zcash, ShapeShift, and more recently Bakkt, the crypto assets trading platform announced by ICE, the parent company of the New York Stock Exchange.
Coding image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Gold in 'extreme greed' sentiment as it adds entire bitcoin market cap in one day
Bullion ripped past $5,500 and sentiment gauges hit “extreme greed,” while bitcoin stayed pinned below $90K — a split that’s getting harder to ignore.
What to know:
- Gold’s surge above $5,500 an ounce has taken on the feel of a crowded trade, with its notional value jumping about $1.6 trillion in a single day.
- Sentiment gauges such as JM Bullion’s Gold Fear & Greed Index are signaling extreme bullishness in precious metals, even as similar crypto indicators remain stuck in fear.
- Bitcoin is lagging despite the “hard assets” narrative, trading like a high-beta risk asset while investors seeking a store of value are favoring physical gold and silver over digital tokens.
Top Stories
