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Blockchain security firm CertiK raises $88M, propelling its valuation to $2B Blockchain security firm CertiK raises $88M, propelling its valuation to $2B

Blockchain security firm CertiK raises $88M, propelling its valuation to $2B

The company has doubled its valuation in just four months as crypto-related cyberattacks keep growing in numbers and scale.

Blockchain security firm CertiK raises $88M, propelling its valuation to $2B

Cover art/illustration via CryptoSlate

Web3 and blockchain security firm CertiK has closed an โ€œoversubscribedโ€ $88 million Series B3 financing round led by Insight Partners, Tiger Global, and Advent International, according to an announcement shared with CryptoSlate today.

Per the press release, the fresh inflow of funds, coupled with the revenue generated from CertiKโ€™s KYC, Skynet, and Security Leaderboard services, โ€œwill be used for the development and operation of more innovative and data-driven security products.โ€ The firmโ€™s founder and CEO Ronghui Gu added:

โ€œGiven increasing trends in rug-pulls, we now see KYC playing an important role in Web3 securityโ€ฆTogether with Smart contract auditing and 24/7 monitoring of threats, [it] will further strengthen our offer around end-to-end Web3 security services.โ€

The latest fundraiser also saw participation from Goldman Sachs and the firmโ€™s existing investors such as Sequoia and Lightspeed Venture Partners.

Consequently, CertiKโ€™s valuation now reached $2 billion as the firm has closed four funding rounds โ€” totaling $230 million โ€” in the past nine months. Notably, this figure has doubled since December 1, 2021, when the company was valued at around $1 billion. Oli Harris, the managing director at Goldman Sachs, added:

โ€œGoldman Sachs is excited to be an investor in CertiK, a leading security platform for the blockchain and Web3 ecosystem. As we see continued growth in use cases and assets on decentralized applications the solutions being built by CertiK will be integral to securing the ecosystem, helping to accelerate innovation and adoption of these novel technologies.โ€

According to crypto metrics platform CoinMarketCap, CertiK currently serves 60% of all listed blockchain projects that use third-party security audit services, the firm asserted.

Cyberattacks on the rise

In the announcement, CertiK also pointed out that growing interest in the company is likely โ€œa result of increased crypto lossesโ€ across the board. Namely, malicious actors have already snatched more than $1 billion worth of cryptocurrencies in 2022 so far. By comparison, this figure amounted to โ€œonlyโ€ $1.3 billion over the entirety of 2021.

Indeed, just last week, on March 29, Ethereum-based sidechain Ronin Network, created by Axie Infinity developer Sky Mavis, lost roughly $615 million worth of crypto due to a cyberattack. And we still got roughly nine more months to go till the year end.

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