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Crypto Security Startup Hypernative raises $16M Series A round to help prevent Web3 Cyber Hacks
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Crypto Security Startup Hypernative raises $16M Series A round to help prevent Web3 Cyber Hacks

2024-09-03 by Ndaman Olayinka 4 minutes read
Crypto Security Startup Hypernative raises $16M Series A round to help prevent Web3 Cyber Hacks

Hypernative, a Web3 security-focused startup, has raised $16 million in Series A funding to make Web3 hacks a thing of the past. With this, Hypernative has now raised $27 million in total.

According to a statement, the company plans to use the fund raised to speed up the adoption of its leading security suite powered by AI and improve participant safety in cryptocurrency.

Bloccelerate VC, boldstart ventures, Borderless Capital, CMT Digital, IBI Tech Fund, Knollwood Investment Advisory, Re7 Capital, and a few well-known angel investors are among the investors in the round led by Quantstamp.

With the extra funding, the team plans to develop a Web3 security network and expand into new security stack verticals. The funding will also enable Hypernative to grow its workforce, expand globally, and make real-time monitoring and response a regular security procedure.

Hypernative is the top active security solution for Web3 due to its combination of detection volume, accuracy, and advance warning time. 99.5% of hacks were found by Hypernative Platform last year, with a false positive rate of less than 0.001%, the post added.

The attacks were discovered more than two minutes prior to the initial transaction in 99% of the cases. To date, the system has assisted in saving customer funds worth over $100 million.

Gal Sagie, co-founder and CEO of Hypernative, stated that almost every day, their system finds exploits that cause millions of dollars in losses and irreversible harm to a brand, the majority of which is completely avoidable. We must integrate smart contract audits, bug bounty, and an active security component to eradicate Web3 hacks.

The Hypernative platform was the first real-time monitoring, risk detection, and automated response system to go live in September 2022. It could accurately identify the vast majority of attacks and give users critical minutes to react before exploits could cause damage. Over 100 Web3 projects, including Balancer, Blockdaemon, Chainalysis, Chainlink, Circle, Consensys, Ethena, Etherfi, Fidelity, Galaxy, Linea, Quantstamp, Solana, Starknet, and Uniswap, now rely on Hypernative for their security.

In order to uncover the widest range of risks in the industry across several categories, Hypernative Platform has tripled its network coverage to over 40 chains in the last year and added hundreds of new detectors. The team has also introduced Hypernative Screener, which accurately detects risks before authorizing transactions, and Hypernative Security Oracle, a precision inline solution for preventing attackers without impairing the experience for other users.

In January 2023, Hypernative raised $9 million in seed funding as it emerged from stealth. Blockdaemon, Alchemy, Borderless, CMT Digital, Nexo, and angel investors made strategic investments in the funding round, which was led by boldstart ventures and the IBI tech fund.

Co-founder and CEO Gal Sagie said at that time that there is a big opportunity to improve the crypto space because the sector needs more tools to help stop hacks before they happen.  I've found that hackers don't sleep. It doesn't matter if the market is in a bull or bear market. They go where the money and the opportunities are. Hackers take advantage of market risk and volatility and enjoy it. It's an issue that needs to be resolved, the post added.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.