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South Korean Smart Contract Auditing Platform Sooho.io Raises $4.5M

The startup works with Samsung and LG.

By Eliza Gkritsi
AccessTimeIconApr 14, 2022 at 2:00 p.m. UTC
Updated May 11, 2023 at 5:43 p.m. UTC
Seoul, South Korea. (Ciaran O'Brien/Unsplash)
Seoul, South Korea. (Ciaran O'Brien/Unsplash)
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Sooho.io, a South Korean firm that scans crypto contracts for fatal flaws, raised $4.5 million in a Series A funding round to expand its existing product suite.

  • The startup provides auditing to the IT arms of some of South Korea's top technology firms, including Samsung SDS, SK Inc. C&C and LG CNS, through its proprietary software Odin, according to a press release shared with CoinDesk.
  • "Through these partnerships, we are committed to building an impregnable environment for Korea's DeFi ecosystem," said Jisu Park, CEO and founder of Sooho.io.
  • Sooho.io has also built a protocol to aggregate leveraged yield farming products, aiming to centralize the "the fragmented landscape" of South Korean protocols, according to the press release. Dubbed Kleva, the protocol counts $500 million in total value locked.
  • The funding round was led by WeMade Tree, which runs a blockchain-based gaming platform and is a subsidiary of South Korean video game developer WeMade Entertainment, known for its multiplayer online role-playing game The Legend of Mir.
  • Simultaneously, Sooho.io announced a partnership with Lambda256, a subsidiary of South Korea's top cryptocurrency exchange by volume, Upbit. Lambda256 – which offers blockchain-as-a-service products – will use Sooho.io's Kleva and smart contract expertise to launch a decentralized finance (DeFi) ecosystem, according to the press release.

Read more: S. Korea’s SK Square to Spend $1.6B on Semiconductors, Blockchain

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter

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