Just three months after the leading blockchain and web3 security firm CertiK raised $80 billion in its series B2 funding which was led by Sequoia Capital, it has announced that it has raised another $88 million in a Series B3 funding round, a capital raise that has doubled the company’s valuation to $2 billion.
Insight Partners together with Tiger Global led the round as well as Advent International. Other notable investors include Goldman Sachs, Sequoia Capital, and Lightspeed Venture Capital amongst others. Not up to a year, CertiK has successfully raised the sum of $230 million in different funding rounds.
Ronghui Gu, CertiK’s CEO confirmed that the funds will be used to design new innovative security products that will make it the go-to platform for the whole of the Web3 space.
According to Gu, more than $1 billion have been lost to hackers this year as the developing web3 ecosystem is an easy target for hackers.
CertiK currently offers end-to-end security, auditing, round-the-clock threat monitoring, and improved Know Your Customer service. It has helped in securing more than $300 billion worth of crypto assets for more than 3200 clients with its services. It also intends to keep developing more features for its security products with the fresh capital at hand.
The privately-owned company headquartered in New York was founded in 2018. The firm relies on formal verification technology to mathematically secure system softwares. It’s a pioneer in blockchain security and it has earned its exponential growth as the need for security has notably increased.
Its A1 technology helps maintain and monitor blockchain protocols and smart contracts. It is also known to have provided security products and services to over 1800 customers not excluding its monitoring system Skynet which has checked over $4 billion in assets transfers, $3 billion in transactions, and 4 million accounts in the previous year.
CertiK’s recent fundraising is vital to blockchain protocols as more exploits have continued to be perpetrated in the ecosystem. One of such security breaches including the famous crypto game Axie Infinity’s Ronin Network recorded a hack worth $625 million as reported by cryptomarketsbeat.