Synthetic Minds, a startup developing a system of automatic bug fixing in blockchain apps, has amassed $5,5 million dollars during an investment round from investment companies Pantera Capital and Khosla Ventures.
Founded in 2017, Synthetic Minds has just graduated from the summer programme of Y Combinator, during which the project has also received investments and launched the first version of the technology.
During the product launch startup’s representatives have noted that it is built using software program synthesis method, which is also used in the development of other programs with high value like NASA space station software.
According to founders’ opinion, cosmic applications and blockchain have similar characteristics. Therefore, Synthetic Minds has switched to using program synthesis for the development of an automated system, which will be able to
“analyze (read) and synthesize (write) program code better than human.”
The technology will allow blockchain and smart contract developers to focus on “high-level design”, while optimization and bug searching will be carried out automatically, press release states.
In October the main investment strategist of Pantera Capital, one of the largest investment companies on the cryptocurrency scene, Joey Krug, claimed that crypto asset market will grow at least tenfold during the next bitcoin rally.
Despite the losses of 73% since the begging of the year, investment fund launches its third cryptocurrency fund for managing 71 mln dollars from 90 investors. Earlier this year a manger of Pantera Capital claimed that even if bitcoin meets the fate of Pets.com (from dotcom era), investors will still receive profit, which he confirmed in July, having reported more than 10000% of profit since the establishment of the fund.
Previously the fund invested in such famous blockchain projects as Zcash, ShapeShift and Bakkt, trading platform for cryptocurrencies ICE, a subsidiary of New York Stock exchange.