Blockchain security firm CertiK bags additional US$60 mn from top VCs

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 Blockchain security firm CertiK bags additional US$60 mn from top VCs
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  • CertiK is a Web3 and blockchain security company.
  • It was founded by Columbia University Professor Ronghui Gu and Yale University Prof Zhong Shao in 2018.
  • CertiK on Friday said that it received an additional US$60 million from SoftBank Vision Fund 2 and Tiger Global.

Web3 and blockchain security firm CertiK on Friday said that it received an additional US$60 million from SoftBank Vision Fund 2 and Tiger Global, taking their total investment in the company to US$290 million. 

CertiK was valued at US$2 billion after an earlier Series B3 funding round led by Insight Partners. The company had raised US$88 million at the time.

The New York-based company said it was elated over receiving the additional funds from SoftBank and Tiger Global. CertiK said it would invest the funds in ramping up Web3 security. 

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Dennis Chang, the Managing Partner at SoftBank Investment Advisers, said that although Web3 is booming, security concerns have been a hurdle towards reaching its full potential.

Chang added that CertiK’s deep expertise in the field is helping provide companies with solutions to strengthen their Web3 and blockchain auditing and security. Chang said that while the technology world needs cybersecurity, the crypto world requires protection on various fronts. 

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Additionally, the market is highly dynamic. More projects are added with each passing day, and as such, ensuring security is a challenge. Besides, there is also a high cost involved, he said.  

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Certik said the market lost around US$1 billion in bridge attacks and about US$200 million in flash loans attacks in the first quarter of 2022. 

In February, blockchain bridge Wormhole lost around US$326 million in a hacking attack. In March, Axie Infinity’s play-to-earn (P2E) game Ronin Network lost US$625 million, and Ethereum-based Beanstalk stablecoin protocol lost US$182 million in a similar attack. 

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 Blockchain security firm CertiK bags US$60 mn from SoftBank, Tiger Global

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Who created CertiK?

The company was founded by Columbia University Professor Ronghui Gu and Yale University Prof Zhong Shao in 2018.

The New York-based company is focused on providing innovative, data-driven security products and services, including Security Leaderboard, Code Auditing, KYC, and 24/7 threat monitoring. Gu said that CertiK holds over 60% stake in the Web3 market that uses third-party security services.

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Bottom line:

The latest funding is expected to help CertiK in its efforts to provide better Web3 security and may open doors for more fundraising opportunities. CertiK aims to offer its services to all companies, whether big or small.

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