AI-Backed Web3 Security Firm Olympix Raises $4.3M

Olympix, a startup that aims to bring scalable security to Web3, has announced the recent close of a $4.3 million seed funding round that was led by Boldstart Ventures. Other participants included Robot Ventures and Shrug Capital, among others. The investment marks the latest in a growing trend of venture capitalists backing artificial intelligence-backed crypto companies.

Founded in June 2022, Olympix puts security tools in the hands of developers who are just starting to build projects to minimize the risks of smart contract vulnerabilities that can cost time and money to go back and fix. Olympix utilizes AI to scan the code as a developer types, making security suggestions that can be solved with one click.

Olympix founder Channi Greenwall previously led a product team at security ratings provider SecurityScorecard that was focused on endpoint security. She had also served as a security engineer on JPMorgan’s cyber defense team.

“Out of the many wins Olympix has had over the past year, I’m most proud of the results of our static analyzer private alpha,” wrote Greenwall in the announcement post. “With 30+ companies participating, including Blockdaemon, Rysk Finance, and Arrakis Finance, we’ve become a trusted part of the developer workflow not just to find and fix vulnerabilities, but help the developer become more sophisticated through real-time micro-teaching moments. Most notably, our private alpha has helped developers secure over $300 million in assets since its launch.”