Synthetic Minds said Monday it raised $5.5 million in its first seed round from two venture capital powerhouses.
The one-year-old startup, whose technology helps secure smart contracts, received the funding from Khosla Ventures and Pantera Capital, VentureBeat reports. The two firms have been among the most active investors in blockchain projects.
San Francisco-based Synthetic Minds uses a technology called program synthesis that can read and write computer code more accurately than humans can, the company said. Program synthesis can find errors in blockchain coding. It is the brainchild of computer scientist Saurabh Srivastava and a product of San Francisco’s Y Combinator technology accelerator program.
“They are uniquely positioned to enable an enterprise-grade, safe, smart contract platform,” said Vinrod Khosla, the founder of Khosla Ventures, said in a statement that Synthetic Minds tweeted following the announcement. “Provably correct smart contracts through program synthesis are key steps needed for smart contracts on the blockchain and for software, in general.” Read more here.