Blockchain security company CertiK adds funds to Series B round, then adds more for $290M total haul
New York-based CertiK, a provider of blockchain security, has raised a massive $88 million in the Series “B3” financing round bringing the company’s valuation to $2 billion in three months since the last round of funding — then a short while later added another $60M to the pot. The company has raised $290 million in total in the past nine months.
The Series B3 investment was led by Insight Partners, Tiger Global, and Advent International, with participation from Goldman Sachs. The existing investors, Sequoia and Lightspeed Venture Partners, also participated in supporting the blockchain security firm. Days later, the company announced that SoftBank Vision Fund 2 and Tiger Global invested an additional $60M.
The cryptocurrency industry has already witnessed over $1 billion in losses due to major bridge attacks such as Ronin Network, Wormhole, Qubit Finance, and Meter.io as well as flash loan attacks which are expected to increase this year. Cryptocurrency losses are predicted to be much higher than the $1.3 billion in losses experienced in 2021. This is where blockchain security companies like CertiK come into the picture to secure the Web3 ecosystem.
“CertiK is a mission-critical blockchain cybersecurity platform in a massive market and has already become a clear leader in the industry with a high-quality product that provides all-around security for blockchain, smart contracts, and Web3,” said Steve Ward, Managing Director at Insight Partners. “We look forward to partnering with CertiK’s best in class founding team, complete with a team of leading crypto security thought leaders as they continue to grow and scale-up.”
CertiK has already protected more than $300 billion worth of crypto assets for over 3200 enterprise companies. In addition to the pre-deployment auditing and formal verification for smart contracts, the blockchain firm has recently introduced Know Your Customer and fraud investigation service to enable transparency within its community.
The company claimed substantial growth in revenue of 12-fold in 2021 while profits surged, leading investors to flock the recent oversubscribed funding round. The new funding and the revenue generated from KYC, Skynet, and Security Leaderboard services will be used to develop more innovative and data-driven security protocols.
“Given increasing trends in rug-pulls, we now see KYC playing an important role in Web3 security,” said CertiK Founder and CEO, Ronghui Gu.
“Goldman Sachs is excited to be an investor in CertiK, a leading security platform for the blockchain and Web3 ecosystem,” said Oli Harris, Managing Director, Goldman Sachs. “As we see continued growth in use cases and assets on decentralized applications the solutions being built by CertiK will be integral to securing the ecosystem, helping to accelerate innovation and adoption of these novel technologies.”
Article Topics
blockchain | CertiK | cryptocurrneyt | Goldman Sachs | security | SoftBank | Tiger Global | venture capital
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