Science & Technology

CertiK Raises $ 80 Million to Protect Blockchain from Advanced Security Threats

CertiK Announced the completion of the $ 80 million Series B2 funding round. The investment is led by Sequoia and is attended by existing investors such as Tiger Global, Coatue Management and GL Ventures (Hillhouse Capital’s VC division).

This not only sets the standard for the largest single-round financing in the blockchain security space, but also brings the CertiK valuation to nearly $ 1 billion. This is CertiK’s third capital raised within four months, bringing the total to just over $ 140 million.

Over the past few years, the demand for blockchain security has increased significantly. This is mainly due to recent blockchain hacks and cryptocurrency thefts. In 2021, hacks, exploits and fraud lost $ 1.3 billion in cryptocurrencies. This is a significant increase from the over $ 500 million lost in 2020.

CertiK has grown tremendously over the past year, doubling revenue and quadrupling its workforce. To date, CertiK has provided security products and services to more than 1,800 clients, detected more than 31,000 vulnerabilities in blockchain code, and protected more than $ 310 billion in digital assets.

“Blockchain security is an integral link to the entire commercial value chain.” Sequoia A spokesperson. “We are very proud to be able to invest in CertiK, which is deeply involved in this area. This is an important addition to our global blockchain investment environment. CertiK is the other company we have invested in. We believe we can create synergies with. Our goal is to provide CertiK with the resources to jointly develop the blockchain security market. “

In addition to blockchain and smart contract auditing and formal validation with a security leaderboard platform, CertiK has launched Skynet, the first 24/7 active monitoring platform. Skynet monitors smart contracts and blockchains and protects them from advanced security threats. As the security threat landscape continues to evolve, Skynet’s strategy is to leverage large amounts of on-chain and off-chain machine learning data.

With this data, Skynet adapts and evolves to protect smart contracts and blockchains from new threats. Both the security leaderboard and Skynet are growing incredibly. Since the end of 2020, Skynet’s booking revenue has increased by 2,300% and the total number of security leaderboard users has increased by 2,000%.

Combined with the revenue generated from both Skynet and Security Leaderboard, the newly raised capital will be used to develop and operate more innovative products. “Smart contract auditing and formal validation are the first steps in blockchain security services,” said Professor Ronghui Gu, co-founder of CertiK. “CertiK’s goal is to develop more SaaS products and provide clients with additional security benefits: security auditing, formal verification, monitoring, detection, and client blockchain and smart. Includes contract protection. “

CertiK strives to create a leadership team of the best talent. Dr. David Tarditi, who recently joined CertiK as Vice President of Engineering, has over 16 years of experience in the growth and leadership of engineering and research teams. Microsoft.. He is also the inventor and co-inventor of 22 patents and has studied typed intermediate languages. This gives the compiler developer evidence of the compiler phase that maintains the key accuracy properties of the input source code.

In addition, Monier Jalal, who has over 20 years of leadership in cybersecurity, has joined CertiK as Vice President of Marketing. Jalal was part of a founder and executive leadership team that helped companies successfully market and launch their products and drive the growth, acquisitions, and IPOs of several cybersecurity startups.

CertiK Raises $ 80 Million to Protect Blockchain from Advanced Security Threats

https://www.helpnetsecurity.com/2021/12/02/certik-financing-round/ CertiK Raises $ 80 Million to Protect Blockchain from Advanced Security Threats

Back to top button