Web3 security firm Olympix has raised $4.3 million (roughly Rs. 35 crore) in seed funding round from Boldstart Ventures. The startup combines the capabilities of blockchain and artificial intelligence (AI) to provide cyber threat solutions. This investment testifies to the growing interaction of Web3 and AI that could be the next big thing in the fintech sector. Olympix is not the only Web3-AI company that has bagged millions from venture capitalists. Web3Go and CryptoGPT are some of the startups in the same sector to receive large amounts of money in recent months.
Startup security offerings are usually for developers who are just starting to develop their products blockchain. AI-powered security solutions are designed to address the potential vulnerabilities of smart contracts.
It’s a AI scannerOlympix using developers can make security recommendations in real time.
In the financial sector of Olympix, other venture capitalists who have indicated their participation include Robot Ventures and Shrug Capital. This also shows the adoption of institutional investors for projects that combine and use the capabilities of AI and blockchain.
The collapse of crypto exchanges FTX images in November 2022, managed digital currencies, including the demo release of ChatGPT that same month, sent money rushing into crypto and into AI.
This caused a lot of trouble Web3 Developers to integrate AI into their projects. In the past few months, several startups working with blockchain and AI have attracted the attention of investors and developers alike.
In April, for example, a layer-2 blockchain called CryptoGPT raised $10 million (about Rs. 82 crore). Zero-knowledge (ZK) blockchain caught the interest of financial services companies like DWF Labs instead. CryptoGPT aims to allow users to monetize their data for exercise, dating, games, and education.
Later in July, blockchain company Web3Go raised another $4 million (about Rs. 32 crore) in a funding round, led by Binance Labs. The company provides AI tools for data management. HashKey Capital, NGC, Shima Capital, IVC, LIF, Big Brain Holdings, and Archerman Capital also added their support to the fund.
Web3’s AI-backed data platform Mnemonic and Web3’s Airstack platform are other AI-focused companies that have raised significant revenue in recent days.
The interest of Web3 developers and VCs in the field of AI is supported by the interest of millennials and GenZ people in combining blockchain and artificial intelligence.
In May, KuCoin survey 1,125 crypto users from different parts of the world to understand how the Web3 team sees AI. More than 64 percent of respondents confirmed that they are familiar with the use of AI in crypto and blockchain.