Blockchain security platform Ironblocks announces $7 million fundraise
Summary
Tel Aviv / February 15, 2023 / PR Newswire Ironblocks, the first-ever blockchain-native cybersecurity platform, announced today that it has raised $7 million dollars in seed funding.This fundraise is co-led by Collider Ventures and Disruptive AI, with additional participants including ParaFi; Quantstamp; Samsung Next; Balaji Srinivasan, ex-CTO of Coinbase and former general partner at Andreessen Horowitz; Calvin Liu, chief strategy officer at Eigen Layer; Simplex co-founder and ex-CEO Nimrod Lehavi; Fos Finance; venture investor Lluis Pedragosa; and others.Ironblocks aims to stem the tide with a novel smart contract-based security solution that operates on-chain to automate threat detection and enable DeFi protocols, Web3 platforms, market makers, and cross-chain bridges to proactively take immediate action to stop hackers in real time to secure funds before they are funneled into hackers wallets.We are thrilled to be on this journey with such a great group of partners as we set out to set a new standard for on-chain threat mitigation, said Ironblocks CEO Or Dadosh. We believe that smart contract security is a given right for all crypto traders and protocols, and we aim to ensure the safety of data and crypto assets in the best way to bring about the broad adoption in DeFi and Web3.Last year saw a record amount of money stolen from DeFi protocols by hackers, more than $3.9 billion, according to research from Web3 bug bounty platform Immunefi, a more than 56 percent increase over the previous year. Ironblocks is set to prevent this kind of malicious activity.Last year saw 155 individual exploits, a more than 50 percent increase over 2021, and proves that hackers have become more brazen as hundreds of dApps continue to come online, and they are further emboldened by a lack of reliable cybersecurity solutions and consistent enforcement by authorities. Robust security measures are needed to thwart their efforts and further build trust between founders and users.Smart contracts, like other blockchain financial fundamentals, must have the right protection. We are excited to back the team in executing its vision.The funds will be used to accelerate development activity and further expand the team across engineering, sales, marketing, and more, and also to support a number of product launches and partnerships that will soon be announced.Ironblocks is building a best-in-class solution to help bring an end to hacks, exploits, and thefts in DeFi and Web3, said Adam Benayoun, managing partner at Collider.
