Web3 security firm Olympix has garnered $4.3 million (roughly Rs. 35 crore) in a seed funding round lead by Boldstart Ventures. The startup merges the capabilities of blockchain and artificial intelligence (AI) to provide scalable cyber security solutions. This funding testifies to the growing interration of Web3 and AI that could be the next big thing in the fintech sector. Olympix is not the only Web3-AI company to have bagged millions from venture capitalists. Web3Go and CryptoGPT are other startups from the same sector to have received big fundings in recent months.
The startup’s security services offerings are usually for developers who are just starting to build their products on blockchain. The AI-powered security solutions are designed to shell out the risks of vulnerabilities that may affect smart contracts.
With an AI scanner, Olympix using developers can make security suggestions in real-time.
In Olympix’s seed funding round, other venture capitalists that marked their participation include Robot Ventures and Shrug Capital. This also shows an inclination of institutional investors towards projects that combine and harness the potentials of AI as well as blockchain.
The collapse of crypto exchange FTX in November 2022, regulated digital currencies, combined with the demo release of ChatGPT the same month, sent venture capital money fleeing from crypto and into AI.
This majorly prompted Web3 developers to combine AI with their projects. In the last couple of months, multiple startups working with blockchain and AI have tickled the interest of investors and developers alike.
In April, for instance, layer-2 blockchain named CryptoGPT raised a funding of $10 million (roughly Rs. 82 crore). The Zero-knowledge (ZK) blockchain grabbed the interests of investment firms like DWF Labs in its favour. CryptoGPT aims to let users monetise their data across fitness, dating, gaming, and education.
Later in July, blockchain firm Web3Go also raised $4 million (roughly Rs. 32 crore) in an investment round, led by Binance Labs. The company provides AI tools for data managing. HashKey Capital, NGC, Shima Capital, IVC, LIF, Big Brain Holdings, and Archerman Capital also added their contribution to this funding.
AI-backed Web3 data platform Mnemonic and Web3 developer platform Airstack are other AI-focussed firms to have acquired substantial fundings in recent days.
The interest of Web3 developers as well as VCs in the field of AI is backed by the interest milennials and GenZ populations have in merging blockchain with artificial intelligence.
In May, KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. Over 64 percent of the younger respondents confirmed that they were somewhat familiar with the uses of AI in crypto and blockchain.
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