Web3 security firm Olympus has raised $4.3 million (roughly Rs. 35 crore) in a seed funding round led 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 nexus of Web3 and AI that could be the next big thing in the fintech space. Olympix is not the only Web3-AI company that has received millions from venture capitalists. Web3Go and CryptoGPT are other startups in the same sector that have received large funding in recent months.
Startup’s security services are generally for developers who are just starting to build their products blockchain, AI-powered security solutions designed to remove the risks of vulnerabilities that can affect smart contracts.
Together ai scannerUsing Olympos developers can provide security suggestions in real time.
In the seed funding round of Olympics, other venture capitalists registered their participation, including Robot Ventures and Shrug Capital. It also shows the inclination of institutional investors towards projects that combine and harness the capabilities of blockchain along with AI.
crypto exchange collapse ftx In November 2022, regulated digital currencies, coupled with the demo release of ChatGPT in the same month, shifted venture capital money from crypto to AI.
it mainly inspired web3 Developers will integrate AI with their projects. Over the past few months, a number of startups working with blockchain and AI have piqued the interest of investors and developers alike.
For example, in April a layer-2 blockchain called CryptoGPT raised $10 million (roughly Rs. 82 crores) in funding. Zero-knowledge (ZK) blockchain has caught the interest of investment firms such as DWF Labs. CryptoGPT aims to let users monetize their data in the fields of fitness, dating, gaming, and education.
Later in July, blockchain firm Web3Go also raised $4 million (roughly Rs. 32 crores) in an investment 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 contributed to the funding.
AI-powered Web3 data platform Mnemonic and Web3 developer platform Airstack are other AI-focused companies that have secured substantial funding in recent times.
The interest of Web3 developers as well as VCs in the field of AI is supported by the interest of Millennials and GenZ population in merging blockchain with artificial intelligence.
in may, KuCoin survey 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. Over 64 percent of youth respondents confirmed that they are somewhat familiar with the use of AI in crypto and blockchain.