Financial Risk monitoring co Solidus Labs raises $20m

Crypto-native risk monitoring and market surveillance company Solidus Labs today announced it has completed a $20 million financing round as part of its series A funding, led by Evolution Equity Partners, with participation of Hanaco Ventures, 645 ventures, FTX and Avon Ventures.

This funding round also includes angel investors with vast regulatory, compliance, capital markets and cybersecurity experience such as former CFTC Chair Christopher Giancarlo, former SEC Commissioner Troy Paredes, former CFTC Chief Innovation Officer Daniel Gorfine, StarCompliance Founder Marc Epstein, International Securities Exchange Founder David Krell, AngelList Founder Naval Ravikant, SecurityScorecard Founders Sam Kassoumeh and Aleksandr Yampolskiy, serial entrepreneur Jeff Fagnan and Takoma Group Founder Alex Acree.

With offices in New York and Tel Aviv, Solidus Labs was founded by CEO Asaf Meir, COO Chen Arad and CTO Praveen Kumar.

Meir said, "Crypto and digital assets aren’t just transforming financial services, they’re also driving a major transformation in how capital markets, and finance as a whole, will be regulated. As both innovators and regulators strive to harness these new technologies and make finance more accessible, transparent and efficient, crypto has also exposed the soft underbelly of legacy risk monitoring solutions, which Solidus Labs addresses"

The additional funding will enable Solidus Labs to continue developing its technology, designed to enable the merits of digital assets and blockchain, while mitigating the new risks they introduce, and extending their reach and impact. Meir notes the company plans to significantly expand its Tel Aviv and London R&D offices in order to address the demand for its solutions, as well as to grow its sales, regulatory affairs and product teams. Solidus Labs also intends to open offices in East Asia and other high-demand markets.

The firm seeks to transform financial risk monitoring, beginning with the new challenges posed by crypto and digital asset markets. Solidus’ clientele includes world-leading crypto firms as well as traditional financial institutions and regulatory agencies. The firm reports a 400% increase in inbound demand for its solutions in 2020, including a 10X spike in interest from banks and traditional financial institutions.

Published by Globes, Israel business news - en.globes.co.il - on May 24, 2021