Top 10 crypto projects that raised venture capital in October

Crypto fundraising exoloded in October, in October billions of dollars has been raised. These are numbers that we have not seen since early 2021.

In October 2024, crypto startups raised $2.24 billion across 110 unique rounds. These projects span various sectors, such as SocialFi, DeFi and AI, and have secured funding ranging from $1 million to $50 million.

Let's look at the ten most exciting projects that raised capital in October 2024 without further ado.

Synnax Technologies

Synnax Technologies, founded in 2023 and based in Dubai, UAE, is developing a decentralized AI-driven platform for real-time credit intelligence. Their system offers predictive financial metrics and credit assessments for over 20,000 public companies, aiming to enhance transparency and accuracy in credit evaluations.

In October 2024, Synnax raised $550,000 from Wintermute Ventures and TON Ventures, increasing their total funding to $1.55 million. This investment supports the advancement of their Credit Intelligence protocol and the SynQuest mini-app on Telegram, which has gained over 320,000 users since its September launch.

Synnax's platform integrates blockchain technology and decentralized AI to deliver unbiased, real-time credit insights, aiming to set a new standard in credit analysis

Sophon

Sophon is developing a modular blockchain ecosystem focused on entertainment, gaming, and artificial intelligence. Leveraging zkSync's ZK Stack technology, Sophon aims to provide scalable, low-cost transactions suitable for high-throughput applications. Their mission is to empower users to explore the full depth of on-chain interactions, fostering creation, collaboration, and meaningful engagement.

In October 2024, Sophon secured funding from Binance Labs to accelerate the integration of Web3 into entertainment, gaming, and AI applications. This investment will support ecosystem growth, talent acquisition, and the development of projects that connect entertainment, creativity, community, and technology.

OpenGradient

OpenGradient, a company focused on decentralizing AI infrastructure, has raised $8.5 million in seed funding to develop a secure, end-to-end platform for open-source AI. The company's mission centers on democratizing access to advanced AI by enabling decentralized model ownership, streamlining deployment, and ensuring verifiable, secure AI hosting and scaling. Through this approach, OpenGradient aims to bring cutting-edge AI technology to a broader audience, allowing for intelligent, next-generation applications across various industries.

OpenGradient's technology stack includes a unique, EVM-compatible blockchain with a heterogeneous AI compute architecture (HACA) that provides on-chain scalability and security for AI deployment. This stack allows developers to create and host optimized decentralized applications (dApps) easily. Their platform includes a web portal and an SDK to support Web2 developers, integrating blockchain benefits without the complexities, thus facilitating a secure, decentralized environment for AI model deployment.

With support from notable backers, including a16z Crypto Startup Accelerator (a16z CSX), SV Angel, Coinbase Ventures, and angel investors like Balaji Srinivasan, OpenGradient’s funding will fuel further development of its decentralized infrastructure and tools for AI and Web3 developers. The company also plans to expand its applied machine learning research to strengthen the open-source AI ecosystem. A testnet is expected to be available to developers by Q4 2024.

Fission Labs

Fission Labs, a DeFi platform aiming to bring venture capital investments on-chain, raised $1.6 million in October 2024, led by SALT Fund and Kraynos Capital, with support from Anthony Scaramucci of Skybridge. The company also launched a closed testnet on Ethereum.

Fission enables users to invest in and trade private equity-backed tokens, starting with its VC secondaries token, TECH. The platform integrates tokenization, decentralized exchange, lending, and automated liquidity for trading private equity on-chain. CEO Jonathan Shaffer noted that Fission’s platform offers global access to private equity, blending institutional compliance with a DeFi experience. The funds will support continued development and community engagement as Fission builds out its protocol.

Pell Network

Pell Network is developing an omnichain Decentralized Validation Services (DVS) network designed to connect siloed blockchains through a system powered by restaking and Liquid Staking Tokens (LST). The network's aim is to streamline validation across multiple chains, fostering a more sustainable ecosystem for blockchain technology. Pell Network’s architecture consists of a Restaking Layer, Pell Chain, and a Service Layer, all focused on optimizing resources and maximizing returns.

Recently, Pell raised $3 million in pre-seed funding led by Paper Ventures, Halo Capital, and Mirana Ventures, with additional investment from Delta Blockchain Fund and others. This funding will support Pell's vision for a universal trust network and accelerate the development of its DVS network. Pell Network is already active on 20 chains, including BNB Smart Chain and Ethereum, with over $300 million in Total Value Locked (TVL) and a growing user base.

Azura

Azura is a San Francisco-based company developing an interfacing layer for decentralized finance (DeFi). Their platform aims to simplify and enhance the user experience in DeFi by providing a universal application that integrates various decentralized financial services. This approach seeks to make DeFi more accessible to a broader audience, addressing the complexities that often deter mainstream adoption.

In October 2024, Azura emerged from stealth mode and announced the completion of a $6.9 million seed funding round. The round was led by Initialized Capital, with participation from Volt Capital, Winklevoss Capital, Alliance, and notable individuals such as Raj Gokal, co-founder of Solana, and Meltem Demirors, former co-chair of the World Economic Forum’s Cryptocurrency Council. The funds are intended to support the development and expansion of Azura's platform, aiming to bridge the gap between traditional finance and DeFi.

Karpatkey

Karpatkey is a financial technology company specializing in on-chain treasury management solutions for Decentralized Autonomous Organizations (DAOs) and financial institutions. Their services encompass asset management, on-chain financial services, treasury management, Web3 business development, and risk mitigation. By leveraging non-custodial and trust-minimized execution, Karpatkey aims to support DAOs in ensuring financial longevity and sustainability.

In October 2024, Karpatkey secured $7 million in funding to expand its services to more DAOs and accelerate its outreach to traditional financial institutions. The funding round saw participation from over 40 angel investors and investment funds, including AppWorks Ventures, Wintermute Ventures, and notable individuals such as Joe Lubin from ConsenSys and Stani Kulechov from Aave Labs.

This investment underscores the growing demand for robust asset management and risk management services tailored for DAOs, positioning Karpatkey to further enhance its offerings in the decentralized finance landscape.

Nillion

Nillion is developing a decentralized network designed to perform secure computations on sensitive data without relying on blockchain technology. Their platform utilizes a novel mathematical innovation called 'nil message compute' (NMC), enabling private and secure data transfer, storage, and computation across a distributed network.

In October 2024, Nillion secured $25 million in a funding round led by Hack VC, with participation from angel investors and strategic contributors associated with projects like Arbitrum, Worldcoin, and Sei. This investment brings Nillion's total funding to over $50 million across multiple rounds.

The funds are intended to further develop Nillion's decentralized data privacy solutions, which aim to process data securely without revealing its contents, thereby enhancing privacy applications across various sectors.

Open Origins

OpenOrigins is a London-based company focused on safeguarding the authenticity of digital media through a provenance-focused blockchain. Their platform enables organizations to cryptographically verify the origin of images and videos, ensuring content remains unaltered and trustworthy. This technology is particularly valuable for media companies, governments, and content creators aiming to maintain the integrity of their visual assets.

In October 2024, OpenOrigins raised $4.5 million in seed funding led by Galaxy Interactive, with participation from Galaxy Ventures and existing investor Unbound. The company plans to use the funds to expand its operations and further develop its media authenticity platform. This investment highlights the growing need for solutions that combat misinformation and deepfakes in the digital media landscape.

Phylax Systems

Phylax Systems is developing the "Credible Layer," a blockchain security framework that allows decentralized application (dApp) developers to embed verifiable security rules directly into the blockchain's base layer. This approach aims to prevent and mitigate hacks by enabling dApps to define and enforce critical assertions about their protocol's state and behavior, ensuring a more secure environment for deploying capital.

In October 2024, Phylax Systems completed a $4.5 million seed funding round led by Nascent and Figment Capital, with participation from investors including Robot Ventures, Hash3, Bankless Ventures, and Breed VC. The funding is intended to support the development and deployment of the Credible Layer, enhancing security measures for dApps and contributing to the broader adoption of decentralized finance.

It is encouraging to witness the capital flowing into the early stages of the crypto industry. Sectors that are popular among venture investors tend to become popular among the general public around 12-18 months later. Make sure to explore and utilize these early-stage projects, as you may receive handsome rewards through an airdrop!

That’s it for this month’s top 10 crypto projects that raised funding! If you’d like to receive the next edition, and all our other top content, directly in your inbox, subscribe to our no-nonsense weekly newsletter here!