Soliduis Labs Raise $3 Million For The Development Of Machine Learning In Crypto Industry

By Rishma Banerjee

Solidius Labs which is a crypto surveillance startup founded by ex-Goldman Sachs engineers has as per reports raised three million U.S dollars in order to promote the development of machine learning cryptocurrency trade surveillance. The startup elaborated that the seen funding rough was being led by Hanaco Ventures. Norman Sorensen, Global Founders Capital, and David Krell were some of the other companies who has also contributed to the funding. The amount raised will be used to further develop its platform which uses artificial intelligence and machine learning to monitor trading of virtual assets.

The funds will also be utilized in acquiring new customers through improved marketing strategies and enhancing its customer service desk.

Asaf Meir, the CEO the startup said,

“Our machine learning-powered surveillance system is able to continuously learn as new patterns emerge and reveal new manipulation schemes or openings for manipulation. It enables responding as things happen rather than retroactively.”

According to Solidius, the current surveillance solution that is being used by cryptocurrency exchanges needs to be updated as it is suited to handle fiat trades but not virtual currency trades which are being conducted around the clock. Meir also said that the surveillance solutions currently in use do not comply with the regulatory needs of the crypto market.

The startup which focuses on crypto surveillance also claims that its technology is already being used in several countries like the United States, Israel, and Europe. Its client base includes hedge funds, digital currency exchanges, among others. Solidius also says that the companies using their technology have recorded a 30 percent reduction in trade manipulation.

Lior Prosor, a general partner at Hanaco Ventures,  noted,

“Although it might sound clichéd, the digital asset ecosystem is in dire need of good ‘picks and shovels’ rather than more end applications…. Regulation and security are the ultimate ‘enablers’ in this space, and that regulating a market powered by groundbreaking technology requires groundbreaking compliance infrastructure.”