New Delhi:- Web3 security company Olympix has raised $4.3 million (approximately Rs 3.5 billion) in a seed funding round led by Boldstart Ventures. The startup combines the capabilities of blockchain and artificial intelligence (AI) to provide a scalable cybersecurity solution.
This funding is a testament to the growing connection between his Web3 and AI, which could be the next big thing in fintech. Olympics isn't the only Web3 AI company to raise millions of dollars from venture capitalists. Web3Go and CryptoGPT are other startups in the same industry that have received significant funding over the past few months.
The security services offered by this startup are typically aimed at developers just starting to build products on the blockchain. AI-powered security solutions aim to eliminate the risk of vulnerabilities that can affect smart contracts. AI Scanner allows developers to use her Olympix to make real-time security suggestions.
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Robot Ventures, Shrug Capital, and others participated in the Olympic seed funding round. This also shows that institutional investors are leaning toward projects that combine his AI and blockchain potential.
The collapse of the cryptocurrency exchange FTX in November 2022, coupled with the demo release of ChatGPT in the same month, led to the regulation of digital currencies and the flight of venture capital funds from cryptocurrencies to AI.
This has largely prompted Web3 developers to integrate AI into their projects. In recent months, several startups working on blockchain and AI have attracted interest from both investors and developers alike.
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For example, in April, a Layer 2 blockchain called CryptoGPT raised $10 million (approximately Rs 82 million) in funding. Zero-knowledge (ZK) blockchains have attracted the interest of investment firms such as DWF Labs. CryptoGPT aims to enable users to monetize their data in the fields of fitness, dating, gaming, and education.
In late July, blockchain firm Web3Go also raised $4 million (around Rs 3.2 billion) 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.
His AI-powered Web3 data platform Mnemonic and Web3 developer platform Airstack are also AI-centric companies that have received significant funding in recent days.
Web3 developer and venture capital interest in the AI space is fueled by millennial and Gen Z interest in the convergence of blockchain and artificial intelligence.
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In his May, KuCoin conducted a survey of its 1,125 cryptocurrency users around the world to understand how the Web3 community perceives AI. Over 64 percent of his young respondents confirmed that they have some knowledge of the potential use of AI in cryptocurrencies and blockchain.
The new startups named CryptoGPT and Web3 have received a huge amount of funding this year from other companies and conglomerates.