New York-based blockchain security startup CertiK has finally confirmed to raise $88 million from investors, led by Tiger Global, Advent International, with participation from Goldman Sachs and existing investors such as Sequoia and Lightspeed Venture Partners.
Dubbed its Series B3 round, the company said the funding was oversubscribed and it comes off as its fourth financing round to date bringing the total capital raised to $230 million. Following the latest raise, the startup’s valuation has now topped $2 billion.
Considering the security demands in the digital currency ecosystem, as many as 3,200 blockchains and enterprise clients utilize CertiK’s solutions to safeguard their platform. Thus far, the company has helped these clients secure as much as $300 billion, a role that investors have acknowledged over and again.
“CertiK is a mission-critical blockchain cybersecurity platform in a massive market and has already become a clear leader in the industry with a high-quality product that provides all-round security for blockchain, smart contracts, and Web3,” said Steve Ward, Managing Director at Insight Partners. “We look forward to partnering with CertiK’s best in class founding team, complete with a team of leading crypto security thought leaders as they continue to grow and Scale-Up.”
Despite the latest economic downturn experienced in the digital currency ecosystem, CertiK has continued to grow its revenue which surged 12x in 2021, and profits growing more than 3000x. As detailed by the firm, it will continue to develop all of its security solutions, including Skynet, LeaderBoard, and Know-Your-Customer (KYC)- a mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time, in a bid to meet the expectations of its broad-based clients.
“Given increasing trends in rug-pulls, we now see KYC playing an important role in Web3 security,” said CertiK Founder and CEO, Ronghui Gu. “KYC, together with Smart contract auditing and 24/7 monitoring of threats, will further strengthen our offer around end-to-end Web3 security services.”
Other security outfits like ConsenSys have also pulled funds from investors in recent times, the latest of which is $450 million raised by the firm to push its valuation to $7 billion.
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