New Investment – Synota
We are delighted to announce that Timechain (a Concentric Fund) has backed Synota in their $3M seed funding round. The round was led by Ego Death Capital and included participation from Trammell Venture Partners, Rev1 Ventures, Hivemind VC, Bitcoiner Ventures and Recursive Capital, among others. Synota integrates existing hardware and software products currently used by the energy industry with Bitcoin’s Lightning Network. The overall idea would be for an energy company to end up with a smart network of production and consumption nodes. The network could see that higher energy production heading in one direction would require more payments to flow the other way, minimizing payment lags and cutting back-office costs.
The new capital will be used toward the commercialization of Synota’s software, including plans for a bitcoin mining-related service.