Phylax Systems

Phylax Systems

On-chain security framework preventing hacks

Overview

Phylax Systems provides a web3 security framework called the Credible Layer that sits at the blockchain’s base layer to enforce on-chain security for dApps. It offers verifiable security rules and allows block builders to pre-screen and remove malicious transactions before they are executed, preventing hacks. The company supplies the Phylax Standard Library of contracts and libraries to help developers integrate with its system and Foundry. By focusing on base-layer, preventive security and a standards-based library, it aims to make robust security accessible to more crypto projects and foster safer ecosystem growth.

Significant Headcount Growth

About Phylax Systems

Simplify's Rating
Why Phylax Systems is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Enterprise Software

Cybersecurity

Crypto & Web3

Company Size

1-10

Company Stage

Seed

Total Funding

$4.5M

Headquarters

New York City, New York

Founded

2024

Simplify Jobs

Simplify's Take

What believers are saying

  • Raised $4.5M Pre-Seed on November 1, 2024, from Figment Capital and Nascent.
  • 46 investors joined per October 2024 SEC filing, showing strong market validation.
  • Actively hiring cybersecurity talent from New York headquarters post-funding.

What critics are saying

  • OpenZeppelin bundles audited libraries into Defender, obsoleting Phylax Library in 12-18 months.
  • EigenLayer v2 integrates transaction censorship via AVS, competing in 6-12 months.
  • Paradigm launches rival protocol with $50M funding, poaching Nascent in 12-18 months.

What makes Phylax Systems unique

  • Credible Layer embeds Solidity assertions at blockchain base layer for proactive hack prevention.
  • Block builders drop malicious transactions before processing, unlike reactive security tools.
  • Phylax Standard Library provides non-invasive contracts without modifying existing dApps.

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Funding

Total Funding

$4.5M

Above

Industry Average

Funded Over

1 Rounds

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.
Seed Funding Comparison
Above Average

Industry standards

$3.3M
$2M
Netflix
$2.3M
Instacart
$3M
Robinhood
$4.5M
Phylax Systems

Benefits

Health Insurance

Unlimited Paid Time Off

Conference Attendance Budget

Remote Work Options

Company News

AlleyWatch
Oct 22nd, 2024
The AlleyWatch Startup Daily Funding Report: 10/22/2024

Phylax Systems, a protocol for for crypto transactions that embeds a credible security layer into base layers, has raised $4.5M in funding according to a recent SEC filing.

AlleyWatch
Oct 22nd, 2024
The AlleyWatch Startup Daily Funding Report: 10/22/2024

The latest venture capital, seed, pre-seed, and angel deals for NYC startups for 10/22/2024 featuring funding details for Awarded Software, Phylax Systems, and much more. This page will be updated throughout the day to reflect any new fundings.

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