WEB3

AI-Focused Synnax Raises $1M in Pre-Seed Round from Top Investors

Synnax is an early-mover when it comes to AI-driven credit rating, and securing support from major backers could spell a bright future for the startup.

BSCN

March 6, 2024

Synnax, which is a “pioneer in AI-driven credit rating standards for the digital asset industry”, has just revealed the raise of a full $1 million in its pre-seed funding round.

The early investment round was led by No Limit Holdings, but also saw participation from a swathe of high-caliber investors. These include but are by no means limited to…

… and several others.

According to Synnax’ official announcement, the fresh capital injection will be put to use in furthering the development of its AI-driven credit intelligence platform, with the end goal of addressing “the requirement for an unbiased credit rating standard across digital asset markets”, as well as facilitating “the on-chain migration of the USD$100 trillion conventional private credit market”.

What is Synnax?

Synnax was founded back in 2023 by a team that boasts extensive experience in both the Web3 sector, as well as traditional industries, hailing from the likes of Citi Group, First Abu Dhabi Bank and, Deutsche Bank.

The project itself is a response to the lack of a secure, standardized and impartial credit rating system in the world today, noting significant demand for such a system to exist.

According to Robert Alcorn, CEO & Co-Founder at Synnax…

“We saw there was major demand across private credit markets for a rating standard that is impartial, secure and forward looking. Synnax addresses this by serving a broader array of capital market participants within private and public sectors, both off-chain and on-chain”

Synnax’ protocol itself addresses the issue by aggregating necessary credit data and leveraging AI to produce “impartial and forward-looking credit ratings”. Crucially, the protocol maintains data privacy on inputs, while also incentivizing a decentralized network of data scientists to continuously train and improve the model.

To learn more about Synnax, make sure to visit the project’s official blog and X/Twitter account.

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