Web 3.0-Focused Security Firm Olympix Closes $4.3M Funding Round

Web3 security firm Olympix may have just completed a $4.3 million seed funding round, per a recent announcement by the firm. The round was led by New York-based investment firm Boldstart Ventures. However, there was also participation from other venture capital (VC) firms including Shrug Capital and Robot Ventures among others.

For what it’s worth, however, it appears that the round is yet another proof that venture capitalists are getting increasingly supportive of artificial intelligence-backed crypto companies.

Olympix Keen to Secure the Crypto Industry

2022 went down as one of the most difficult years in the crypto space. While major firm implosions rocked the industry on one hand, security issues completed the misery on the other. According to a new report from the blockchain analytics company TRM Labs, no less than $3.7 billion was stolen through DeFi hacks and exploits last year.

The ever-increasing security challenges, however, have now seen startups like Olympix step up to the task. Founded by Channi Greenwall in June 2022, Olympix believes that proactiveness is key when it comes to securing the industry. And in line with this belief, the firm’s first product is a tool that allows developers to identify smart contract vulnerabilities even while building their projects. That is, as a developer types a code, Olympix uses AI to scan it simultaneously, suggesting ‘one-click’ security measures. So by doing that, developers can avoid such vulnerabilities that may later arise and cost more time and money to fix.

According to Greenwall, the majority of crypto firms today still rely on audits from third-party firms such as CertiK. She notes that that is an expensive and even slower method. She then adds that Olympix aims to put more responsibility on developers by giving them access to this software that will hint them about potential loopholes in their code. Greenwall said partly:

“When we’re looking at the enterprise-level crypto companies, security is their responsibility. You can’t just have a CTO – you need to have some type of internal security team.”

Olympix is currently in a private alpha testing phase for its static analyzer which identifies vulnerabilities.