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CertiK, a cybersecurity company focused on blockchain and cryptocurrency technologies that was founded by three long-time security professionals from Google’s Chrome browser division has raised $1 billion in its first round of financing.
The “certik audit” is a security firm that specializes in whitehat cybersecurity. The company has recently been valued at $1 billion after raising funds from Sequoia Capital.
CertiK announced today that it has completed a $80 million Series B2 fundraising transaction. Sequoia Capital is leading the investment, with current investors Tiger Global, Coatue Management, and GL Ventures (Hillhouse Capital’s venture capital arm) joining in.
CertiK’s value has now risen to over $1 billion, setting a new record for the biggest single round of investment in the blockchain security market. CertiK has raised a total of slightly over $140 million in its third round of funding in less than four months.
In recent years, there has been a significant rise in demand for blockchain security, owing to numerous blockchain attacks and stolen bitcoin. Hacks, exploits, and frauds cost $1.3 billion in cryptocurrencies in 2021, a significant rise from the $500 million lost in 2020.
CertiK has seen unprecedented growth.
CertiK has grown by a factor of 20 in revenue and by a factor of 4 in staff during the last year. CertiK has offered security solutions and services to over 1,800 customers, discovered over 31,000 vulnerabilities in blockchain code, and safeguarded over $310 billion in digital assets to date.
“Blockchain security is an essential piece in the broader economic value chain,” a Sequoia representative stated. “It gives us great pleasure to invest in CertiK, a company that is fully committed in this industry.” This is a significant contribution to the world of blockchain investing. CertiK, we think, has the potential to develop synergies with other firms in which we have invested. Sequoia hopes to offer CertiK with resources to help them build the blockchain security business together.”
CertiK developed Skynet, the first 24/7 active-monitoring network, in addition to blockchain and smart contract auditing and formal verification via its Security Leaderboard platform. Smart contracts and blockchains are monitored and protected by Skynet against sophisticated security threats.
Skynet’s approach is to use massive volumes of on-chain and off-chain machine learning data as the security threat environment evolves. Skynet can adapt and develop based on this data in order to safeguard smart contracts and blockchains from new dangers. Security Leaderboard and Skynet are both exploding in popularity. Skynet’s booked income has increased by 2,300 percent since the end of 2020, while the total number of users on the Security Leaderboard has increased by 2,000 percent.
The freshly obtained funds, as well as money earned by Skynet and Security Leaderboard, will be utilized to create and operate additional innovative products. Professor Ronghui Gu, co-founder of CertiK, said, “Smart contract auditing and formal verification are the initial stages towards a blockchain security service.”
CertiK aspires to build a leadership team made up of the greatest people. Dr. David Tarditi, who just joined CertiK as Vice President of Engineering, has more than 16 years of experience at Microsoft, where he grew and led engineering and research teams.
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The “certik investors” is a security firm that offers whitehat protection for cryptocurrency. They have recently received a $1 billion valuation after raising from Sequoia.
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