Fintech and IT solution aggregatore Synnax, which is focused advancing intelligent Web3 financial infrastructure, has successfully closed its US$1 million pre-seed funding round, led by No Limit Holdings and supported by leading global investors.

Investors include Edessa Capital, Kenetic Capital, Bitscale, Ryze Labs, MH Ventures, Hex Trust, Moonvault, GameFi Ventures, Typhon Ventures, Ausvic Capital, Drops Ventures and Everstake Ventures.

The investment enables Synnax to propel the development of its artificial intelligence (AI)-driven credit intelligence platform as it works to address the requirement for an unbiased credit rating standard across digital asset markets, and facilitate the on-chain migration of the US$100 trillion conventional private credit market.

Existing credit rating systems, according to Synnax, suffer from a lack of transparency, conflicts of interest, susceptibility to manipulation and bias, inadequate data privacy protection, and a lack a forward-looking perspective. The company, it says, is poised to address these long-standing issues by introducing the groundbreaking concept of credit intelligence.

The company’s technology and data-driven concept includes a secure platform for debt issuers to confidentially share data, using state-of-the-art encryption technology. This data is then processed by a decentralized network of AI models, developed by independent, incentivized data scientists.

These experts, the company shares, are driven to develop superior predictive models that integrate both encrypted and public data. Model outputs are aggregated to generate unbiased, consensus-based credit ratings and real-time, forward-looking credit intelligence.

“We saw there was a major demand across private credit markets for a rating standard that is impartial, secure and forward looking,” adds Robert Alcorn, the company’s CEO and co-founder. “Synnax addresses this by serving a broader array of capital market participants within private and public sectors, both off- and on-chain. In the process, it will not only emerge as a global standard for credit ratings and underwriting, but also advance a new era of technologically-driven credit intelligence.”