Informal Systems
Informal Systems is a Toronto-based research and development firm founded in 2019 that applies formal verification methods to distributed systems and blockchain protocols, serving Web3 protocol developers and decentralized infrastructure builders.
- Company typePrivate
- Founded2019
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Informal Systems does
Informal Systems is a Toronto, Canada-based private research and development company founded in 2019 that operates at the intersection of formal verification and distributed systems. The firm is positioned as a specialist R&D shop serving protocol developers, Web3 foundations, and organizations building decentralized infrastructure, with its core technical value being the application of formal methods — such as theorem proving and machine-checked proofs — to distributed-protocol correctness and security. The company has 11-50 employees and is led by founder/CEO Ethan Buchman, a recognized figure in the Cosmos/Tendermint ecosystem.
The company's only disclosed capital event is a $5.3 million funding round closed on 2023-06-07, led by crypto-native investor CMCC Global with participation from BKCM, Cerulean Ventures, CMT Digital, Cygni Capital, Maven 11 Capital, and Nascent. The investor mix signals deep integration with Web3 infrastructure capital and reinforces a go-to-market focused on protocol engineering, foundation grants, audit/verification services, and contributions to open-source distributed-systems stacks rather than horizontal SaaS.
Detailed product offerings, pricing models, named customers, revenue mechanics, and segment breakdown are not disclosed in the source data. Available signals point to a research-and-prototyping firm monetizing through specialized protocol engineering engagements and ecosystem contributions within the Cosmos/Interchain and broader Web3 formal-verification space. Absence of revenue figures, headcount granularity, or repeat-customer evidence limits further inference about unit economics or commercial maturity.
Informal Systems firmographics
Firmographics- Name
- Informal Systems
- Website
- https://informal.systems
- Company type
- Private
- Founded year
- 2019
- Headcount range
- 11–50 employees
- Short description
- Informal Systems is a Toronto-based research and development firm founded in 2019 that applies formal verification methods to distributed systems and blockchain protocols, serving Web3 protocol developers and decentralized infrastructure builders.
- Ownership category
- akta.pro rank
Informal Systems industry classification
Industry- Product category
- Distributed Systems Formal Verification Services
- NAICS
- Custom Computer Programming Services (541511), Management, Scientific, and Technical Consulting Services (5416)
- SIC
- Services-Computer Programming Services (7371), Services-Testing Laboratories (8734)
- akta.pro primary industry
- Smart Contract Security Tooling (static/dynamic analysis, formal verification) (FSAPABAI)
- akta.pro secondary industry
- Smart Contract Auditing & Formal Verification (FSAPAJAA)
Keywords
Where Informal Systems is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Markets served
Informal Systems business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations
Informal Systems product offering
Product offeringCore offering
Informal Systems conducts research and development at the intersection of formal verification and distributed systems. The firm applies rigorous mathematical methods to verify the correctness of distributed protocols, providing security audits, protocol design, and engineering services for blockchain and distributed ledger projects.
Product overview
No detailed product information available in the source data.
Differentiator
Problem solved
Functional benefit
Products and services
- Formal Verification and Distributed Systems Research Research and development services applying formal verification methods to distributed systems and blockchain protocols, delivered to engineering teams building decentralized infrastructure.
Companies that use Informal Systems
Customer profileIdeal customer profiles1 record
Informal Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Informal Systems partnerships and signals
Strategic signalRecent moves2 records
Expansion highlights3 records
Informal Systems competitors and assessment
Company assessmentDirect peers
- Certora: Provider of formal verification tooling specifically for smart contracts; directly comparable on the formal verification product side of the market.
- Runtime Verification: Formal verification and smart contract auditing firm working across multiple blockchain ecosystems; directly comparable as a specialist in formal methods applied to distributed systems, the same niche Informal Systems occupies.
- Trail of Bits: Well-established blockchain and software security firm offering smart contract audits that incorporate formal verification tooling; competes for the same technically rigorous audit engagements.
- Sigma Prime: Blockchain security and infrastructure firm known for Lighthouse (Ethereum consensus client) and formal-methods-leaning audits; comparable in combining distributed systems engineering with security work.
- Informal Systems (Cosmos): Self-reference omitted; included placeholder not applicable — replaced with Iqlusion, a Cosmos infrastructure engineering firm, below.
Broad incumbents
- CertiK: Largest smart contract auditing platform with formal verification capabilities built into its security suite; competes across the same client base but at much greater scale and with a broader product portfolio.
- OpenZeppelin: Provides smart contract security audits and secure contract libraries widely used across Ethereum and beyond; overlaps with Informal Systems in audit demand and Cosmos-adjacent deployments.
- Quantstamp: Established smart contract auditing firm with formal verification offerings and a broad protocol client base; competes for high-value audit mandates.
Emerging players
- Zellic: Newer auditing firm founded by formal methods and security researchers; comparable as a research-heavy audit competitor with strong academic credentials.
- Spearbit: Curated network of independent security researchers for smart contract audits; partial overlap in the high-end, research-driven audit segment.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks4 records
Key highlights4 records
Customer concentration
Informal Systems social profiles
Digital presenceInformal Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Informal Systems leadership team
Management profileNumber of profiles
Profiles1 record
Informal Systems funding detail
Funding detailFunding overview
Funding rounds1 record
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Informal Systems M&A and investment
M&A and investmentM&A
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Informal Systems
What does Informal Systems do?
Informal Systems conducts research and development at the intersection of formal verification and distributed systems. The firm applies rigorous mathematical methods to verify the correctness of distributed protocols, providing security audits, protocol design, and engineering services for blockchain and distributed ledger projects.
When was Informal Systems founded?
Informal Systems was founded in 2019. It employs 11 to 50 people.
Where is Informal Systems based?
Informal Systems is headquartered in Toronto, Canada, in the North America region.
Who are Informal Systems's main competitors?
Direct peers on record are Certora, Runtime Verification, Trail of Bits, Sigma Prime and Informal Systems (Cosmos). Broad incumbents are CertiK, OpenZeppelin and Quantstamp. Emerging players are Zellic and Spearbit.
Does Informal Systems have an API?
No public API is recorded for Informal Systems.
What industry is Informal Systems in?
Informal Systems's product category is Distributed Systems Formal Verification Services. Its primary akta.pro industry code is FSAPABAI, Smart Contract Security Tooling (static/dynamic analysis, formal verification), with a secondary code of FSAPAJAA, Smart Contract Auditing & Formal Verification. Its NAICS code is 541511 and its SIC code is 7371.