Early stage funding firm Antler Australia lately backed a brand new cohort of startups as a part of its ongoing program to construct nice native tech corporations.
Startup Day by day is sharing the main points of every enterprise within the “Antler Investor Memos” collection, which is designed to offer you a fast, sharp understanding of the startups and other people concerned, with many in search of comply with up capital following Antler’s preliminary pre-seed funding.
Firm: Syrax
Formation date: 2022
Stage of enterprise: Pre-Seed
Founders: Sanjeev Rao and Babak Rafat
Present traders: Antler
At the moment elevating: Sure
The enterprise
Regardless of latest turbulence, the rise of cryptocurrency as a viable fee methodology continues as blockchain turns into an more and more strong different to legacy methods. Over one quarter of Australians now personal or have owned cryptocurrency, in keeping with the Unbiased Reserve Cryptocurrency Index.
All whereas, funds development is predicted to proceed at a compound annual development price of 21.5% by 2026.
A decentralised cryptocurrency fee resolution, Syrax, is a multi-chain crypto fee gateway for safe transactions on the blockchain, permitting customers and retailers to ship and obtain funds straight. In doing so, it ensures there may be non-custodial possession by a 3rd occasion which suggests people’ belongings are protected.
Because it stands right now, it’s typically sophisticated for people to make safe cryptocurrency funds on to retailers as centralised suppliers require ‘Know Your Buyer’ (KYC) info, whereas retailers typically have reservations about holding cryptocurrencies as a result of liquidity considerations.
Syrax offers an agnostic cryptocurrency fee expertise with full interoperability for a person to pair their pockets and cryptocurrencies of alternative.
The person checkout expertise is quick and frictionless and retailers can obtain secure cash or Central Financial institution Digital Forex (CBDC) to assist alleviate any considerations in regards to the stability of the funds obtained. For retailers accepting cryptocurrency funds, the fee time per transaction is prompt minimising money circulation considerations, whereas points with chargebacks brought on by fraudulent exercise are eliminated.
Antler funding thesis
“Syrax’s decentralised and non-custodial funds resolution is a compelling providing throughout the ever-evolving cryptocurrency panorama. The interoperability of the product permits retailers a seamless conversion pathway on the level of checkout, eradicating the friction of conventional prolonged KYC processes,” stated Cath Rogers, Accomplice at Antler Australia.
“Our conviction within the founding crew stems from Sanjeev and Babak’s in depth expertise throughout the funds and e-commerce industries, coupled with spectacular pilot initiatives secured inside months of our preliminary funding.”
Traction/milestones
Since securing Antler’s preliminary funding late final 12 months, Syrax has secured two pilot initiatives with e-commerce and market companions, with a number of different discussions for nationwide partnerships underway.
Syrax has engaged numerous giant monetary establishments in high-level discussions to combine their CBDCs. This may kind a big a part of numerous pilot applications defining how they may work together with clients and different cryptocurrencies.
Newest funding
Pre-Seed from Antler
Use of funds
With Antler’s Pre-Seed funding, Syrax has doubled down on its engineering capabilities to develop its MVP and repair its pilot initiatives. Alongside strengthening its direct gross sales pipeline and go-to-market technique.
Syrax is constant to refine its product options forward of upcoming pilot initiatives. From right here, the main focus will shift to the event of latest fee features and enterprise instruments.
The founders say
“Our imaginative and prescient for Syrax is to be a world-leading decentralised cryptocurrency fee supplier. We imagine that ease of use and non-custodial funds are the primary steps towards person confidence. Being a non-custodial third occasion supplier retains the facility of possession with the person,” stated Sanjeev Rao, co-founder of Syrax.
“Syrax is a pockets and crypto agnostic for a great purpose. We all know some customers wish to use decentralised cryptocurrencies solely. We all know some Retailers will solely ever use a CBDC or stablecoin. In doing so, Syrax needs to be adaptable to distinguish our use case so customers can finally determine how they make funds.
“And with that, we see Syrax as an entire fee resolution for any type of cryptocurrency fee.
“With in depth expertise throughout the retail, e-commerce and funds industries, now we have purpose-built Syrax to be globally scalable from day one with a singular benefit within the fee panorama.
“We’ve been extremely lucky to have Antler’s steerage, help and funding.”
What’s subsequent?
Antler, a world early-stage VC, is revealing all its newest investments made in bold Australian founders and startups. With over 100 investments in early-stage corporations, Syrax is one in every of its most up-to-date portfolio corporations.
- StartupDaily is the official media companion of Antler in Australia.