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Blockchain Auditing Firm CertiK Raises $80 Million in Series B2 Funding (The Block)

Blockchain Auditing Firm CertiK Raises $80 Million in Series B2 Funding (The Block)

CertiK raises $80 million in Series B2 funding round and is now valued at approximately $1 billion. CertiK is a blockchain and smart contract auditing firm. Sequoia Capital was the lead investor in this round, which also included participation from other investors such as Tiger Global, Coatue Management, and GL Ventures (the venture capital arm of Hillhouse Capital).

After successfully raising $24 million in a Series B+ round in August, CertiK has now completed a Series B2 investment round just three months later. In addition, a Series B funding round brought approximately $37 million for the auditing firm in July. Over the course of the past five months, New York-based CertiK has successfully raised over $140 million.

Rising Demand for CertiK’s Products

While CertiK raises another $80 million in Series B2 funding, the demand for its products has increased. In the aftermath of recent cryptocurrency and DeFi hacks, the auditing firm is continuing to witness an increase in demand for the products it offers. According to CertiK, more than $1 billion worth of cryptocurrency has been stolen through hacks, exploits, and scams so far in 2021, compared to over $500 million in 2020.

CertiK performs audits on the smart contracts that are a part of blockchain projects to ensure that they are safe to launch and utilize. To this day, CertiK asserts that it has offered its blockchain security services to more than 1,800 customers, identified more than 31,000 vulnerabilities in the code of blockchains, and safeguarded more than $310 billion worth of crypto assets. Aave, Polygon, and Terra are among the company’s clientele.

Talking about how CertiK raises another $80 million in Series B2 funding, CertiK co-founder Ronghui Gu said: “We are seeing demand from a mixed set of projects, both large and small. We also have a global presence with projects across multiple countries. CertiK is on a mission to secure the crypto world — end to end, throughout the lifecycle of smart contracts and blockchains”

Skynet is the name of an active blockchain security and transaction monitoring platform that CertiK maintains and operates. On a dashboard known as the Security Leaderboard, the Skynet platform monitors for suspicious on-chain behaviors like flash loan attacks and sends out alerts when Skynet finds them.

The blockchain security company has been profitable ever since last year, and all of its products contribute to the generation of revenue. Having recently acquired additional funding, CertiK intends to proceed with the development of additional features for its various blockchain security solutions. The company has over 130 employees and is looking to fill a variety of positions at the moment.

The Best-In-Class AI Technology

CertiK raises another $80 million in Series B2 funding, highlighting the fact that CertiK is an industry leader in blockchain security, employing the most advanced AI technology available to safeguard and monitor blockchain protocols and smart contracts. The goal of CertiK is to make the online world more secure with its blockchain security services.

CertiK takes cutting-edge innovations from academic institutions and uses them in business settings, beginning with blockchain security. This makes it possible to construct mission-critical applications in a secure and precise way. Computer science professors like Zhong Shao from Yale University and Columbia University established CertiK in 2018, and the company’s headquarters are located in New York City.

CertiK is supported by prominent names in the business world, such as Sequoia, Coatue Management, Tiger Global, GL Ventures (the venture arm of Hillhouse Capital), Binance, Coinbase Ventures, Lightspeed, and many others. CertiK places a high priority on recruiting exceptionally talented individuals to fill leadership roles. Dr. David Tarditi only recently started working for CertiK as Vice President of Engineering.

He previously spent over 16 years at Microsoft, where he was responsible for establishing and leading engineering and research teams. In addition to this, he is the inventor and co-creator of 22 patents and has conducted research on typed intermediate languages. In addition, Monier Jalal, a cybersecurity industry veteran with over 20 years of leadership experience, has joined CertiK as Vice President of Marketing.

Mr. Jalal is a member of the founding and executive leadership teams of multiple cybersecurity startups, where he has been instrumental in driving growth, acquisitions, and initial public offerings. He has also assisted businesses in effectively marketing and launching new products. CertiK has now emerged as a leading blockchain security firm with the help of its experienced team.

This content was originally published here.