In a detailed investment memorandum, venture firm Unsupervised Capital has outlined its rationale for investing in Score Technologies (Bittensor Subnet 44). The memo highlights Score’s potential to disrupt the $1.8 billion sports analytics market by leveraging artificial intelligence to democratize access to high-quality game data, starting with soccer.
Score positions itself as the first open marketplace for soccer match data, where decentralized “miners” compete to annotate raw game footage. Their process involves breaking down full 90-minute matches into 30-second segments, using object detection to track players, the ball, and key field landmarks. The resulting data is compiled into structured JSON files, processed in under two minutes—far faster and cheaper than traditional manual methods.
The investment thesis centers on Score’s ability to tap into underserved mid- and lower-tier teams across soccer, football, and basketball. Unsupervised Capital estimates the immediate market opportunity at $1.8 billion annually, broken down as follows:
- Soccer: $196 million for 5,000 collegiate and semi-pro teams.
- Football: $465 million across university and high school programs.
- Basketball: $850 million for colleges, high schools, and lower-league clubs in the US and Europe.
Emerging markets could add another 20% to this figure, with professional leagues potentially doubling the total to $3.6 billion.
Competitively, Score aims to undercut established players like Opta and Hudl, which rely on large teams of human analysts for event labeling, as well as semi-manual tools from Catapult Pro Video and Hawk-Eye. The memo notes that wearable tech, such as GPS vests, offers alternatives but at prohibitive costs for smaller teams. Score’s edge lies in its incentivized AI engine, which reduces expenses while targeting niches ignored by incumbents. However, it faces potential rivalry from other Bittensor subnets venturing into computer vision.
The team behind Score, comprising 10-12 full-time employees, brings a blend of AI expertise and sports industry connections. CEO Maxime Nassim Sebti, a former AI entrepreneur and founder of CrunchDAO, leads alongside CTO Tim Kalic, a computer vision specialist. Chief Science Officer Peter Cotton holds a Stanford PhD in mathematics and prior experience as a JP Morgan quant, while Chief Strategy Officer Nigel Grant draws from his time at Microsoft. Head of Football Brian McDermott, a former Arsenal player and coach, adds domain knowledge. Advisors include sports hedge fund manager Lee Mosbacker and gaming executive Justin Dellario.
Financially, the memo values Score’s subnet token at 0.0269 TAO as of July 31, implying a fully diluted valuation of $211 million, with only 9% of tokens in circulation. Applying a customized framework—including a 53% discount over 24 months and staking yield adjustments—the adjusted FDV drops to $63 million. Projections assume Score captures 15-21% of the $1.8 billion market within two years, leading to a midpoint valuation of $3.24 billion at a 10x revenue multiple. This suggests a potential 51x upside for investors.
Despite the optimism, Unsupervised Capital acknowledges risks, including miner and holder centralization. Notably, leading miner Tensora controls about 75% of operations, which could pose governance or decentralization challenges.
This memo underscores a growing trend in decentralized AI applications intersecting with real-world industries like sports, where blockchain incentives could lower barriers for data-driven insights. Unsupervised Capital’s analysis positions Score as a high-reward opportunity in an underpenetrated sector, though execution will be key amid competitive pressures.
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