The web3-based security firm Blockaid successfully concluded seed and series A rounds. The security firm established by former Israeli military personnel confirmed raising $33 million.
Blockaid confirmed receipt of $33 million from fundraisers that featured Ribbit and Sequoia participation.
Blockaid Hails Successful Seed and Series A Round
The web3 security startup is co-founded by two former Israeli military cyber intelligence personnel. The Blockcaid chief executive, Ido Ben-Natan, indicated that the fundraiser involved two rounds: seed and Series A. Series A round raised $27M while the seed brought $6 million.
The former cyber intelligence officer of the Israeli Defense Forces (IDF) lauded the seed round investors led by Greylock Partners, Cyberstarts, and Sequoia Capital. The Series A round featured the three investors alongside Variant and Ribbit Capital. The duo co-led the Series A round to raise $27M.
Blockaid’s journey began in September last year when Ben-Natan teamed with former colleague Raz Niv at the cybersecurity unit handling the research and development of Unit 8200. The duo drew on their experience handling cyber intelligence in the Israeli military and Prime Minister’s Office.
Blockaid concluded the seed round late last year. Ben-Natan indicated that the round lasted less than 12 months, though it failed to disclose the structure and valuation of the web3 security firm. Also, the executive overlooked the inquiry of whether any participating investor was joining the board.
The news of the successful rounds coincides with the escalation of the Israel-Hamas conflict. Early in October, the Palestinian militants conducted an unprecedented invasion that claimed over 1,000 casualties and hundreds of captives.
Blockaid Leveraging Web3 Tools to Avert Crypto Fraud
Blockaid involves a security service provider leveraging Web3 tools to avert crypto fraud. Also, Blockaid seeks to deploy Web3-based tools to eliminate hacking and phishing. The security firm deploys a unique profile. It offers a unique platform – capable of exhausting off-chain signatures and on-chain – transactions (EIP-712s). Doing so creates a distinct trait from other rivals, including Cyvers and CertiK.
Ben-Natan indicated that Blockaid has nurtured capability in simulating and validating blockchain-based transactions before execution. The executive confessed that the decentralized application (dApp) features a scanning engine to support the simulation of user interactions in the decentralized ecosystem.
Blockaid leverages an in-house scanning engine via the dApp Scanning Sandbox. The feature facilitates the validation of interactions and the decentralized application to detect and avert malicious actions.
Blockaid has by now completed scanning over 450 million transactions and averting over 1.3 million attacks. Ben-Natan hailed Blockaid’s interventions for safeguarding $7.1 billion assets and preventing losses of $500 million.
Ben-Natan illustrated that Blockaid’s intelligence recently smoked out a phishing attack orchestrated via Ethereum co-founder Vitalik Buterin’s X(previously Twitter) account. The intervention involved protecting the users’ wallets where the service was active. Blockaid chief admitted that unsecured wallets with an estimated $700,000 assets fell victim. Lost in the attack were several valuable nonfungible tokens (NFTs).
Blockaid Expanding Support to Additional Clients
Blockaid targets are expanding its existing client base besides MetaMask, Rainbow Wallet, OpenSea, and Zerion Wallet. The fresh funding will facilitate the security firm in onboarding additional clients.
Blockaid’s CEO hailed the firm’s personnel for its input in averting attacks targeting Web3 space. Although admitting that the WEb3 ecosystem could turn scary, Ben-Natan reiterated Blockaid’s goal to mitigate the existing risks.
Ben-Natan downplayed the bearish market conditions to confess receipt of immense demand from existing and new customers. The funding round coincides with Blockaid’s intended expansion scope for the existing customers. Also, it plans to unveil support to cater to the long list of customers desirous of integrating Blockaid.
Ben-Natan is noncommittal on Blockaid expanding physical operations besides New York and Tel Aviv. Nonetheless, the chief executive admitted that the firm targets hiring additional personnel across various functions.
Ben-Natan underscored Blockaid’s timely existence to guarantee safety in the web3 sector and ensure more users leverage the technology. By doing so, Blockaid proactively facilitates the execution of transactions confidently and minimizes malicious activity.
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