Crypto Security Startup Solidus Labs Lands $45M in Series B Funding

Crypto security startup Solidus Labs has raised $45 million in a Series B funding round led by Liberty City Ventures at an undisclosed valuation. The funding will help launch threat intelligence capabilities and build out the research and development team to address use cases specific to decentralized finance (DeFi).

The startup was founded in 2018 by Asaf Meir, Praveen Kumar and Chen Arad – a team of former Goldman Sachs (GS) engineers and cybersecurity professionals. Solidus has seen a 560% increase in year-over-year revenue growth and 250% growth in the number of clients, a company spokesperson said. The firm had 10 employees at the start of 2020 and has now grown to nearly 100 with the goal of doubling that headcount within the next year.

Liberty City Ventures is a venture capital fund and incubator with over $1.5 billion in assets under management. Other participants in the round include Evolution Equity Partners, Declaration Partners, Hanaco Ventures and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent of Fidelity Investments.

"How fast crypto and DeFi will be able to grow depends on how effective critical guardrails and checks and balances are - and Solidus is consistently leading the market in providing innovative, crypto-native market integrity solutions," said Liberty City Ventures Partner Emil Woods in the press release.