11.8 C
New York
Tuesday, November 24, 2020
Home Trends Synthetic Minds raises $5.5 million to build trust in blockchain code

Synthetic Minds raises $5.5 million to build trust in blockchain code

Synthetic Minds, which aims to build safer blockchain code, today announced it has raised $5.5 million in a new round of funding.

The San Francisco startup is a graduate of the most recent summer class from the Y Combinator accelerator.

The money came from Khosla Ventures and Pantera Capital (a cryptocurrency-focused fund). This funding comes on the heels of investment from Y Combinator.

Synthetic Minds’ core technology is called program synthesis. This falls under the umbrella of a computer science discipline called formal methods. NASA uses formal methods to ensure the safety of mission critical software in the space station and the Mars Rover.

With program synthesis and formal methods, Synthetic Minds has built automation that can analyze (read) and synthesize (write) computer code better than humans can.

This technology is perfect for cases in which software embodies high value and permanence. Space applications and blockchain code interestingly share those characteristics. Because smart contracts are permanent, multiple $100 million bugs have disabled large important projects.

Using Synthetic Minds, blockchain companies can build more trust in their smart contract code.

The company is currently run by just its founder, Saurabh Srivastava, and will start hiring soon. The product is ready and Synthetic Minds has paying customers, with the goal of having 10 customers by the end of 2018.

“Synthetic Minds was created with the objective of bringing automation to coding,” said Srivastava, in an email. “Specifically, our code analysis tools read code better than humans, and we are getting close to automation that can write code better, as well. Our long-term mission is make software creation accessible to everybody, especially non-programmers.”

Srivastava has a doctorate in computer science from the University of California at Berkeley. His previous company, 20n, was funded by YC, Khosla Ventures, Blumberg Capital, Paul Buchheit, amongst others.

“We believed in the team at Synthetic Minds and their expertise to build hard tech that will further grow adoption of smart contracts, both in the public and enterprise domains,” said Khosla Ventures founder Vinod Khosla, in a statement. “They are uniquely positioned to enable an enterprise-grade, safe, smart contract platform. Provably correct smart contracts through program synthesis are key steps needed for smart contracts on the blockchain and for software, in general.”

Source: VentureBeat

To Read Our Daily News Updates, Please Visit Inventiva Or Subscribe Our Newsletter & Push.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

COVID-19: Delhi records five deaths an hour

At least five persons died due to COVID-19 every hour on an average in Delhi in the last 24 hours, accounting for the largest...

Web series row: MP police books two Netflix officials

An FIR was registered in Madhya Pradesh on Monday against two executives of OTT platform Netflix for allegedly hurting religious sentiments through its web...

New labour rules will create unemployment: Cong

The new labour rules will create unemployment and promote new forms of "slavery", the Congress alleged on Monday, demanding the rollback of the 'Occupational...

Best Assistive Technologies & Devices For People With Disabilities

According to WHO statistics, more than 1 billion people (approximately 15% of the world’s population) currently suffer from some form of disability. It is...

Recent Comments

%d bloggers like this: