Blockchain security platform Ironblocks has raised $7 million in a funding round that was co-led by Collider Ventures and Disruptive AI. The funds will go toward product development, hiring, and new products and partnerships, according to a press release provided to CoinDesk.
Other participants in the funding round included Samsung Next, Quantstamp, ParaFi, Balaji Srinivasan (former chief technology officer at Coinbase and Andreessen Horowitz general partner), venture investor Lluis Pedragosa and Nimrod Lehavi (co-founder of on/off-ramp Simplex), among others.
Hackers stole a record $3.8 billion worth of cryptocurrencies last year, according to a recent Chainalysis report. Decentralized Finance (DeFi) protocols, particularly cross-chain bridges, represented the largest security risks.
Founded in 2022 by CEO Or Dadosh and CTO Assaf Eli, Tel Aviv-based Ironblocks is creating a smart contract-based security solution that provides on-chain automated threat detection that allows DeFi protocols, Web3 platforms, market makers and cross-chain bridges to act quickly to stop hackers and secure funds.
“Smart contracts, like other blockchain financial fundamentals, must have the right protection. It is critical for Institutional players and all ecosystem maturity,” said Disruptive AI general partner Yorai Fainmesser in a statement. “Ironblocks is harnessing artificial intelligence and years of deep native blockchain experience to disrupt the way on-chain products are done.”
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