Blockaid, an innovative web3 security startup founded by two former members of the Israeli military cyber intelligence, has emerged with an impressive funding of $33 million.
The funding was raised in two rounds: a $6 million seed round and a $27 million Series A, backed by investors including: Ribbit Capital, Variant, Sequoia Capital, Greylock Partners and Cyberstarts.
What motivated the creation of Blockaid was the alarming increase in attacks on web3, exemplified by the recent hack of the Twitter account of Vitalik Buterin, co-founder of Ethereum, which led to the theft of around $1 million in assets in so just one hour.
The company’s mission is to provide a complete suite of security tools for web3 builders, with the aim of preventively safeguarding users from the dangers of fraud, phishing and hacking.
Despite being full of potential, web3 is currently facing significant security challenges. In 2022, more than $14 billion will be lost to theft, surpassing losses from non-cryptocurrency-related cybercrimes
Web3 Security as a Priority
Approximately one in ten decentralized applications (dApps) are malicious, making even crypto-expert users susceptible to fraudulent activity.
Blockaid founders Ido Ben-Natan and Raz Niv, both coming from Israel’s cyber intelligence and national security sectors, bring extensive experience to the project.
Introducing Blockaid, a leader in web3 cybersecurity that provides security tools to web3 builders that protect users from scams, phishing, and hacks.https://t.co/VydtVjZA2j
— Blockaid (@blockaid_) October 23, 2023
Ben-Natan’s leadership in identifying vulnerabilities in widely used applications and Niv’s background in mathematics and cybersecurity form a strong foundation for the company’s efforts.
Blockaid’s exceptional product quality is based on its unique architecture that constantly processes a large amount of data. Over the past six months, Blockaid has analyzed more than 450 million transactions, thwarted 1.2 million malicious transactions, and protected more than $500 million in user funds.
The company’s system is proactive and efficient, as evidenced by its rapid detection of the malicious dApp that targeted Vitalik Buterin’s followers. Those protected by Blockaid were spared the attack.
With investments from leading figures in fintech, cybersecurity and web3, Blockaid is poised to lead the revolution in web3 security.
The company intends to expand its team and further improve its product, with the ultimate goal of making web3 a more secure and user-friendly environment. Blockaid’s mission is to ensure that web3 “just works” securely, ushering in a new era of innovation and trust in the blockchain space.