CertiK today announced the completion of an $80 million Series B2 financing round. This investment is led by Sequoia, with participation from existing investors including Tiger Global, Coatue Management, and GL Ventures (Hillhouse Capital’s VC arm).
This not only sets the bar for the largest single round of fundraising in the blockchain security space but now brings CertiK’s valuation to nearly $1 billion. This is the third round of capital raised by CertiK within four months, altogether totaling just over $140 million.
There has been a substantial increase in demand for blockchain security in the past few years – mostly driven by recent blockchain hacks, and stolen cryptocurrency. In 2021, $1.3 billion in cryptocurrency was lost to hacks, exploits, and scams – a large increase from the over $500 million dollars lost in 2020.
CertiK posts record growth
CertiK has experienced incredible growth over the past year, increasing its revenues by 20x and its headcount by 4x. To date, CertiK has provided security products and services to over 1,800 clients, detected over 31,000 vulnerabilities in blockchain code, and protected over $310 billion worth of digital assets.
“Blockchain security is an indispensable link in the commercial value chain overall,” said a Sequoia spokesperson. “We are very proud to invest in CertiK, which is deeply involved in this field. This is an important addition to our global blockchain investment landscape. We believe that CertiK can create synergies with other companies we have invested in. Our goal is that Sequoia can provide CertiK with resources to jointly develop the blockchain security market.”
In addition to blockchain and smart contract auditing and formal verification through its Security Leaderboard platform, CertiK launched Skynet, the first 24/7, active-monitoring platform. Skynet monitors and protects smart contracts as well as blockchains against sophisticated security threats.
As the security threat landscape continues to evolve, Skynet’s strategy is to utilize large amounts of on-chain and off-chain machine learning data. With this data Skynet can adapt and evolve, to protect smart contracts and blockchains against new threats. Both Security Leaderboard and Skynet are seeing incredible growth. Since the end of 2020, Skynet’s booked revenue has grown 2,300%, and the total number of users on the Security Leaderboard has grown 2,000%.
The newly raised capital coupled with revenue generated from both Skynet and Security Leaderboard will be used for the development and operation of more innovative products. “Smart contract auditing and formal verification are the first steps in a blockchain security service,” CertiK Co-founder, Professor Ronghui Gu pointed out.
CertiK strives to create a leadership team composed of the best talent. Dr. David Tarditi, who recently joined CertiK as Vice President of Engineering, has over 16 years of experience growing and leading engineering and research teams at Microsoft.
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Author: Shaurya Malwa