Blockaid: A Web3 Security Startup with $33 Million in Funding
Blockaid, a web3 security startup co-founded by two former Israeli military cyber intelligence personnel, has recently emerged from stealth mode with $33 million in funding. The funding consists of a $6 million seed round and a $27 million Series A round. Investors in the seed round include Sequoia Capital, Greylock Partners, and Cyberstarts. In the Series A round, Ribbit Capital and Variant joined as co-leaders along with the previous investors.
The Background of Blockaid
Blockaid was established in September 2022 by Ido Ben-Natan and Raz Niv, who both have experience working in the cyber security research and development team in Unit 8200, the Israeli military’s cyber intelligence unit, as well as in the Office of the Prime Minister of Israel.
Blockaid’s Funding Rounds
The seed round for Blockaid closed at the end of 2022, while the Series A round was completed less than a year later. However, details regarding the structure of the rounds, valuation, and board member appointments have not been disclosed by Ben-Natan.
What Blockaid Offers
Blockaid provides web3 security tools to combat crypto fraud, phishing attacks, and hacks. It differentiates itself from competitors such as CertiK and Cyvers by being able to fully examine off-chain signatures (EIP-712s) as effectively as on-chain transactions. The platform simulates and validates blockchain transactions before they are executed using its dApp Scanning Engine and Sandbox. This allows it to detect and prevent malicious interactions within decentralized applications (dApps).
Successes and Clients
To date, Blockaid has scanned over 450 million transactions, preventing more than 1.3 million attacks and protecting over $7.1 billion worth of assets. It recently thwarted a phishing attack on Ethereum co-founder Vitalik Buterin’s X account, safeguarding users’ wallets where Blockaid’s service was active. However, approximately $700,000 in assets, including valuable NFTs, were lost from unsecured wallets.
Blockaid’s clients include prominent crypto platforms such as MetaMask, OpenSea, Zerion Wallet, and Rainbow Wallet. With the new funding, the company aims to onboard more clients to meet the high demand it is experiencing.
Expansion Plans
Blockaid is headquartered in New York and Tel Aviv and currently has around 25 employees. Ben-Natan stated that the company is looking to hire additional staff across various functions as it continues to grow and support its existing customers while attracting new ones.
Hot Take: Blockaid Reinforces Web3 Security with $33 Million Funding
Blockaid’s emergence from stealth mode with $33 million in funding highlights the increasing importance of web3 security in the crypto space. With its unique ability to examine off-chain signatures and simulate blockchain transactions, Blockaid offers a comprehensive solution to prevent fraud and attacks within decentralized applications. Its successful track record and partnerships with major platforms demonstrate its effectiveness in protecting billions of dollars in assets. As demand for web3 security grows, Blockaid is well-positioned to expand its client base and lead the way in ensuring a safer crypto ecosystem.
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