CertiK has just raised $80 million, funds that will allow it to continue developing solutions to secure smart contracts. This is good news as hacks continue to multiply in the DeFi sector.
CertiK raises $80 million
This new funding was announced this Wednesday, December 1. CertiK, a company specializing in decentralized finance (DeFi) protocol auditing, has raised $80 million in a Series B2 funding round. This brings the total valuation of the U.S. company to more than $1 billion. The round was led by Sequoia Capital and involved several high-profile investors, such as Tiger Global, Coatue Management and GL Ventures.
CertiK is a company performing security audits of blockchain-based projects. In other words, it analyzes the code of smart contracts to identify and eliminate potential flaws in the protocol. These are then listed directly on CertiK’s website, along with an audit report accessible to all.
In just six months, the American company has raised over $140 million. Indeed, this funding campaign comes just three months after the previous one, which saw CertiK raise $24 million.
Objective: to secure the ecosystem
This funding campaign seems to come at the right time. And for good reason, hacks in the DeFi sector have been multiplying lately. Over the course of 2021, CertiK reports more than $1 billion in cryptocurrencies lost or stolen due to scams. That’s about twice as much as in 2020.
As a result, CertiK has seen an increase in demand for security audits from DeFi protocols. The U.S.-based company makes no bones about it, business is good. In the past year, the company has grown its revenue by a factor of 20, and the trend shows no signs of slowing.
With this funding campaign, CertiK and its CEO, Ronghui Gu, want to continue developing new features to expand the security product line. In fact, the previous round of funding enabled the launch of Skynet, a new 24/7 automatic monitoring platform. It detects any suspicious on-chain activity, such as flash loan attacks.
“CertiK’s mission is to secure the cryptocurrency world, end-to-end, throughout the life cycle of smart contracts and blockchains,”said Ronghui Gu, co-founder of CertiK.
To date, CertiK claims to have made its services available to more than 1,800 customers, detected more than 31,000 vulnerabilities in smart contracts and protected more than $310 billion in user assets.