Web 3 security and blockchain firm CertiK has closed an initial $60 million round backed by SoftBank Vision Fund and Tiger Global. The funding comes two weeks after CertiK announced an initial $88 million round led by Insight Partners worth $2 billion.
First round: $88 million
The Security Service was founded in 2018 by Joe, a professor of computer science at Columbia University, and Zhong Chao, a professor at Yale University.
Joe said CertiK holds more than 60% of the market share for Web3 companies that have used third-party security services. However, about 90% of the companies in this field had never used such a service, which Gu found” really scary “.
The show’s first sale date was March 23rd. The total amount sold under the offering was $87,999,975 from 15 investors.
CertiK offers the Skynet active monitoring platform, which detects and protects the blockchain from cyber attacks.
The company also offers Security Leaderboard, a security rating platform for blockchain protocols and decentralized finance.
Second round of $60 million
The new funding round is an extension of the Series B3 funding round that has been in demand from investors, CertiK co-founder Ronggui Gu told The Block. ” The order in chain B3 was exceeded. Due to investor enthusiasm, we were able to facilitate this extension ‘, he did not say.
Joe said SoftBank Vision Fund and current investor in CertiK Tiger Global are the only backers to participate in the extension round. This is SoftBank’s first investment in a blockchain security company, according to CertiK.
CertiK’s rating doubled in just three months as the increase in cryptocurrency hacks highlighted the need for security.
The Series B3 expansion round brings CertiK’s total funding to date to more than $300 million.
Joe said CertiK is not looking to raise new funds immediately because its cash position is positive. He added, however, that it could consider investments if the backer was a strategic fit for CertiK.
Audit but not certification
Joe said the review by CertiK is not “ certificate “or” Certification that the project is protected » hacks. It is just a report on the weaknesses noted, accompanied by recommendations.
“CertiK or another validator provides scope for auditing around a specific contract, which means the audit focuses on a specific contract or code version of a project,” Joe said. “Projects can fake their own code, update their code, or refuse to fix problems in the instructions. software after the verification process is completed. This results in an ongoing or new risk, which in some cases leads to a breakthrough. »
CertiK plans to continue growing its offering and team in the new capital. The company’s current workforce is around 200 people and there are many jobs to be filled, particularly in business development and engineering jobs.
More and more attacks in 2022
Blockchain security failures made headlines this year and led to losses of over $1 billion.
In February, the Wormhole blockchain bridge lost $326 million in a hack.
Last month, the Ronin Network, the backbone of the popular Axie Infinity game, was hit with a $625 million theft. Then the US Treasury determined that this hack came from a team of North Korean hackers.
The Beanstalk Stablecoin protocol became the second notable attack in a month and lost $182 million.
Improving blockchain security has become a hot topic in Web 3.0 and the $2 trillion crypto industry. It is important to have companies like Certik chasing bugs before hackers can steal investors’ money.
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