The company likewise made public its 1st product, Pre-Cog, a platform aiming to uncover cyber, economic, governance and community threats before they can have an impact.
Cryptocurrency security company Hypernative is emerging from stealth with $9 Million in seed financing, the company stated Monday.
Boldstart Ventures and IBI Tech Fund led the round, with additional assets from Nexo, Blockdaemon, Borderless, Alchemy, and CMT Digital, between others. The financial resources will support the firm’s goals to provide a “proactive security and danger prevention platform” for Web 3 corporations, (DeFi) protocols and other players in the cryptocurrency world, reports by Hyperative co- founder and CEO Gal Sagie.
Sagie and fellow co- founder and Chief Technology Officer Dan Caspi stated they want to leverage what they’ve learned at top tech corporations to assuage the fears of business leaders who struggle to accurately assess security dangers in vulnerable spaces like cryptocurrency and Web 3.0 and lose out on lucrative business opportunities as a result.
“We saw people sliding into phishing and scamming campaigns [and] we saw reputable organizations not entering the field and not sending or investing money because they’re afraid of reputation danger, and how to monitor and understand risk,” Sagie informed Coindesk.
The fear of phishing attacks and other scams are not entirely unfounded. Approximately $4 Billion worth of digital currencies was lost to rug pulls, fraud, exploits and other scams in 2022, reports by a report by security dangers platform Immunefi.
It’s losses like those that inspired the Hypernative team in September to launch its 1st product, Pre-Cog, a platform that flags potential threats before they occur by monitoring on- and off-chain data sources. The product has already prevented the loss of tens of millions of dollars to date, Sagie said.
The company will likewise use the new financing to launch more offerings that will rely on historical databases, machine learning models and heuristics to ascertain and generate alerts for potential incidents minutes or hours before they occur. It hopes to allow market makers, investment managers, traders to make more proactive decisions about their enterprises and clients’ safety.
“What we see is the fact that the market is quite reactive in nature,” Sagie stated. “ And once there is something going wrong enterprises focus on how you handle it post-incident, but preventing these things from happening is a very important aspect [of remaining secure].”
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