CertiK, a Web3 and blockchain security firm, announced an additional $60m investment from SoftBank Vision Fund 2 and Tiger Global. This marks SoftBank’s first venture into the Web3 security space. CertiK’s $88m series B3 round and $2bn valuation were led by Insight Partners. This funding brings the total amount invested over the past nine months to $290m.
What does CertiK offer in the Web3 industry?
CertiK’s mission is to secure the Web3 through an end-to-end set of security, providing clients with an all-in-one for all their security needs. Demand for top blockchain security remains high in 2022, following over $1.3bn of crypto assets lost to cybercriminals in 2021.
Within just the first quarter of this year, the industry experienced over $1bn in cryptocurrency losses due to four major bridge attacks, and over $200 million in various flash loan attacks.
“Adoption of Web3 is booming, but concerns around security hold it back from reaching its full potential,” said Dennis Chang, Managing Partner at SoftBank Investment Advisers.
“We believe CertiK combines expertise in cybersecurity, blockchains, and systems verification to provide firms with a leading solution in blockchain security and auditing. We are delighted to partner with Prof. Gu and the team to support their mission of securing the Web3 world.”
What impact has Web3 security demand had on CertiK?
The growing demand for Web3 security has driven the need for further development and operation of more innovative and data-driven security products for the blockchain industry.
CertiK is meeting these demands through products like Security Leaderboard, Code Auditing, and Skynet, a 24/7 threat monitoring service. CertiK also recently launched its KYC and fraud detection service in response to the growing trend around project rug-pulls and scams.
“We’re very pleased with this follow-up to our latest round of transaction. This funding further underscore the value of web3 security and will help us to further protect the industry, and build trust in the crypto project community,” said Ronghui Gu, CertiK founder and CEO.
“Events such as cross-chain attacks, flash loans, rug pulls and more have demonstrated the need for end-to-end web3 security that we’re proud to be able to offer, including smart contract auditing, 24/7 threat monitoring, and KYC,” Gu further commented.