Olympix — Developer first Web3 security powered by AI, welcome to boldstart!
As a day one partner for technical founders, we get 🔥 up about new enterprise infrastructure. Whether it’s shifting security left for developers with Snyk or enabling institutional-grade, decentralized applications with Blockdaemon, boldstart lives to be first in these new category stacks.
While smart contracts have catapulted into mainstream use over the last 10 years, there is still an astonishing gap in security tooling to identify, find, and fix vulnerabilities. While our portfolio company Hypernative has pioneered real time identification of these zero day vulnerabilities post deployment, there still remains a massive opportunity to help developers find and fix these vulnerabilities while developers are coding. This is currently done mostly by third party auditors conducting manual tests. Olympix gives developers superpowers, by testing much earlier in the development cycle.
Enter Channi Greenwall, founder of Olympix. We met Channi through a warm introduction from Aleksandr Yampolskiy and Sam Kassoumeh, founders of SecurityScorecard (a current boldstart portfolio co); where she led a product team focused on endpoint security. Prior to that, Channi was a security engineer on JPMorgan’s cyber defense team and in her spare time launched an NFT project called 10,000 Hearts. It was only then that she realized how easy it was to exploit a smart contract, how expensive audits are, and most importantly how few tools were available to developers [like her] to ship more secure code.
Today, we are thrilled to announce boldstart has led Olympix’s $4.3M Series Seed with participation from incredible angels such as Guy Podjarny founder of Snyk, Ian Andrews CMO of Chainalysis, Konstantin Richter founder of Blockdaemon, and many others. The company is on a mission to empower developers to secure their smart contracts earlier in the cycle, making audits faster, more effective, and valuable. Olympix is currently in private alpha with 30+ teams like Blockdaemon, Rysk Finance, and Arrakis Finance; they have already secured over $300M in assets.
While their alpha product is off to an impressive start, we are most excited about how they incorporate LLMs into Olympix’s toolkit and the resulting order of magnitude improvement to finding and fixing vulnerabilities — much earlier in the development cycle. For example, Olympix can now find and fix the vulnerability exploited in the Euler Finance case much earlier in the cycle — as developers are writing the code.
Typically, these types of vulnerabilities go undetected because they are so specific to a codebase. However, Olympix uses advanced techniques to deliver impressive results without overwhelming devs with false positives; a scan of Euler’s entire codebase yielded only the actual vulnerability and two other results.
This is just the beginning, as we’re seeing across developer tooling generative AI opens up a world of new possibilities for how code is tested, shipped, and secured. Welcome Channi and the entire Olympix team, we are thrilled to be partnered with you.
