Solidus Labs
Solidus Labs builds trade surveillance software that catches manipulation on crypto exchanges.
On the record
Checkpoint: Series C funding round outcome, still undisclosed since 2022
The call
Solidus Labs has real customers and real regulator trust, but a five-year funding silence and bigger-pocketed rivals circling the same exchanges make its position look thinner than its client list suggests.
Solidus Labs sells software that spots suspicious trading activity on crypto exchanges and across different asset types. It is hard to replace because exchanges have already built it into their systems and regulators trust it, but much larger competitors like Chainalysis and TRM Labs have more money, better relationships, and are just as capable. The company's fate hinges on whether it can raise new funding soon and keep winning deals against those bigger rivals, who could outspend and out-maneuver it over time.
Why
01
AI pressure: Generic LLM-based anomaly detection tools. Off-the-shelf LLMs could copy pattern detection over time, but compliance liability rules keep raw chatbots out of the workflow for now. Could AI do the core job? Unlikely.
02
Bigger players: Chainalysis, TRM Labs, Elliptic. These blockchain analytics firms have more funding and sit inside the same exchanges, and could bolt on surveillance features Solidus already sells. Could a giant copy it? Probably.
03
What protects it. Exchanges that already wired Solidus into their compliance stack, like Kalshi and EDX Markets, face real switching costs and regulator familiarity with HALO.
What would change this call
Solidus Labs announces a new priced funding round (e.g. Series C) within the next 6-12 months. Would show renewed investor confidence after a 50-plus month funding silence.
Chainalysis, TRM Labs, or Elliptic publicly wins a surveillance deal at an exchange Solidus currently serves, such as Kalshi or EDX Markets. Would show larger rivals displacing Solidus in its core niche.
Solidus Labs' reported headcount on LinkedIn or Crustdata shows a clear net decline over the next two quarters. Would confirm internal strain rather than just mixed hiring signals.
Chainalysis, TRM Labs, or Elliptic publicly wins a surveillance deal at an exchange Solidus currently serves, such as Kalshi or EDX Markets. Would show larger rivals displacing Solidus in its core niche.
Solidus Labs' reported headcount on LinkedIn or Crustdata shows a clear net decline over the next two quarters. Would confirm internal strain rather than just mixed hiring signals.
Key numbers
- No priced funding round since May 2022, 50+ months
- Estimated ARR $11.6M to $20.6M depending on source
- HALO monitors over $16 trillion in daily trading volume
Named risks
- No new priced funding round disclosed since May 2022, about 50 months of funding silence as of mid-2026.
- Larger, better-capitalized rivals Chainalysis, TRM Labs, and Elliptic could expand into Solidus's surveillance niche.
- Mixed headcount signals, including a reported decline alongside active hiring, per BuiltIn April 2026.
- Revenue and valuation are undisclosed by the company, forcing reliance on conflicting third-party estimates.
- Regulatory shifts around prediction/event-market contracts could reshape addressable market quickly.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Chainalysis | gaining on | Cited as dominant, best-funded blockchain analytics incumbent as of May 2022 |
| TRM Labs | gaining on | Larger, better-funded peer already embedded at overlapping exchange customers |
| Elliptic | gaining on | Named as direct crypto-native surveillance competitor per CB Insights peer set, 2026 |
| Eventus (Validus) | contesting | Listed as direct competitor in cross-asset trade surveillance software, 2026 |
| Merkle Science | contesting | Listed as crypto compliance/surveillance peer competing for exchange deals, 2026 |
Questions people ask
- Is Solidus Labs profitable in 2026?
- Solidus Labs has not disclosed profitability or audited revenue. The company last raised a priced round, a $45M Series B, in May 2022, and as of mid-2026 has gone roughly 50 months without a new disclosed funding event, per its own press materials.
- Who are Solidus Labs' biggest competitors?
- Solidus Labs competes with larger, better-funded blockchain analytics firms Chainalysis, TRM Labs, and Elliptic, plus surveillance-focused rivals Eventus and Merkle Science. Chainalysis is widely cited as the dominant, best-capitalized incumbent in blockchain analytics as of 2022.
- Could AI replace Solidus Labs' compliance software?
- Solidus Labs itself launched an 'Agentic-Based Compliance' AI-agent product on June 2, 2025, claiming 20x efficiency gains in alert triage and investigations, positioning AI as an ingredient rather than a replacement given regulated, liability-bearing compliance workflows.
- Who owns Solidus Labs?
- Solidus Labs is privately held and venture-backed, founded in 2017 by Asaf Meir, Chen Arad, and Praveen Kumar. Investors across four disclosed rounds include Hanaco Venture Capital, Evolution Equity Partners, Liberty City Ventures, and Declaration Partners; no IPO has been filed as of November 2023.
- What does Solidus Labs' HALO platform do?
- HALO is Solidus Labs' real-time trade surveillance and transaction monitoring platform for crypto and cross-asset markets. The company states HALO monitors over $16 trillion in daily on/off-chain trading volume across 150+ markets, per an EDX Markets partnership announcement dated November 13, 2024.
- Has Solidus Labs raised any new funding recently?
- No new priced funding round has been publicly disclosed by Solidus Labs since its $45M Series B in May 2022, led by Liberty City Ventures. As of mid-2026, that is roughly a 50-month gap since the last disclosed raise.
Timeline
- 2026-05-27EXIO Group partners with Solidus Labs on trade surveillance and AML compliance
- 2026-02-05Kalshi partners with Solidus Labs for next-generation trade surveillance
- 2026-01Solidus launches Digital Asset Compliance Job Board and Trade Surveillance Academy
- 2025-08Solidus submits CFTC comment letter on Listed Spot Crypto Trading Initiative
- 2025-06-02Solidus launches Agentic-Based Compliance AI platform
- 2025-05Solidus launches Scam Token Screening API and publishes Pump.fun fraud report
- 2025-04Solidus Labs representatives meet with SEC
- 2024-11-13EDX Markets partners with Solidus Labs for transaction monitoring
- 2022-08-16Former CFTC Commissioner Dawn Stump joins Solidus Labs as strategic advisor
- 2022-05Solidus closes $45M Series B led by Liberty City Ventures
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Bringing Mysterious Currencies Into the Open
- Solidus Labs 2026 Company Profile
- Announcing Our $45M Series B
- Solidus Labs - $108M Raised - Reviews & Alternatives (2026-07-07)
- Solidus Labs - Headcount, Funding & Open Jobs (2026-06-20)
- $11.6M Est. ARR, $83.5M Raised (2024-12-19)
- EDX Markets Partners with Solidus Labs to Support Best-in-Class Comprehensive Transaction Monitoring (2024-11-13)
- Solidus Labs Newsroom
- Kalshi Partners with Solidus Labs to Power Next-Generation Trade Surveillance (2026-02-05)
- EXIO Group Partners with Solidus Labs to Strengthen Trade Surveillance and AML Compliance (2026-05-27)
- What is sports betting? The experts duke it out.
- Solidus Labs Company Growth, Stability & Outlook 2026 (2026-04-15)