Olympix, a Web3 security business, has secured $4.3 million (about Rs 3.5 billion) in a seed round of financing that was organised and managed by Boldstart Ventures. A scalable cybersecurity solution is offered by the firm by combining blockchain and artificial intelligence (AI) capabilities.
This financing is evidence of the expanding relationship between his Web3 and AI, which may be the next innovation in the financial industry. The Web3 AI startup Olympics is not the only one to get millions of dollars from VCs. Other firms in the same sector that have recently secured significant financing include Web3Go and CryptoGPT.
This startup’s security services are generally targeted at programmers who are just beginning to create blockchain-based applications. Smart contract security issues are intended to be completely eliminated by AI-powered security solutions. Her Olympix may be used by developers to get real-time security advice thanks to AI Scanner.
Participating in the Olympic seed fundraising round were Robot Ventures, Shrug Capital, and others. This demonstrates that institutional investors are favouring initiatives that harness the promise of blockchain and AI.
FTX’s demise in November 2022 and the demo release of ChatGPT in the same month resulted in the regulation of virtual currencies and the migration of venture capital money from cryptocurrencies to artificial intelligence.
Due in large part to this, Web3 developers are now including AI in their work. Recently, a number of businesses focused on blockchain and AI have caught the attention of both investors and engineers.
For instance, the Layer 2 blockchain known as CryptoGPT secured $10 million (about Rs 82 million) in fundraising in April. Investment companies like DWF Labs are interested in zero-knowledge (ZK) blockchains. With the help of CryptoGPT, users will be able to make money off of their data in the gaming, dating, and education industries.
Web3Go, a blockchain startup, received $4 million (about Rs 3.2 billion) in an investment round headed by Binance Labs at the end of July. The business offers AI data management technologies. The money was also provided by HashKey Capital, NGC, Shima Capital, IVC, LIF, Big Brain Holdings, and Archerman Capital.
His AI-powered Web3 data platform Mnemonic and Web3 developer platform Airstack are two further AI-focused businesses that have garnered significant financing.
The enthusiasm of millennials and Gen Z in the fusion of blockchain with artificial intelligence is what is driving Web3 developer and venture fund interest in the AI field.
To learn how the Web3 community views AI, KuCoin polled 1,125 of its cryptocurrency users worldwide in May. More than 64% of his young respondents said they were aware of the possible applications of AI in cryptocurrency and blockchain.
This year, additional businesses and conglomerates invested a significant sum of money in the new firms CryptoGPT and Web3.
