One of the world’s leading web3 cybersecurity startups, Blockaid, recently announced that it has successfully secured $33 million in funding to enhance web3 cybersecurity. The funding event comprised two different fundraising rounds- a seed funding round and a Series A funding round.

The seed funding round valued at $6 million witnessed participation from various venture capitalist giants such as Cyberstarts, Sequoia Capital, and Greylock Partners. On the other hand, the series A funding round, valued at a whopping $27 million, was co-led by investors Ribbit Capital and Variant. The Series A funding round also witnessed participation from VC giants that partook in the first round.

More About Blockaid

Blockaid is a web3-focused Israel-based cybersecurity startup that was established in September 2022 by two former Israeli military network intelligence personnel, Ben Natan and Raz Niv. Ben and Raz formerly worked in the cybersecurity research and development team of the Israeli military’s network intelligence department and also worked with the Israeli’s Prime Minister’s office.

According to the company, the funding secured is to be used in the scaling of its products, customer base, and team so that the industry’s security challenges are addressed with efficiency.

Blockaid provides its users a security layer that scans every transaction, whether from a wallet, a decentralized application (dApp), or a smart contract while also proving to be compatible with any blockchain network.

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Securing Web3 Becomes Crucial

In today’s web3 landscape, cyberattacks have become inevitable following the growth and development revolving around the web3 realm.

According to reports, Vitalik Buterin’s Twitter account got hacked the previous month, creating quite a buzz in the crypto/web3 realm. The account, when hacked, urged Vitalik’s followers to connect their wallets to mint a “piece of history” NFT collection. However, as Vitalik’s followers visited the site, it soon became clear that the attached link wasn’t an NFT project, but a wallet drainer. The attackers used his account to target unsuspecting web3 users and stole about $1 million in less than an hour.

Despite the numerous occurrences of such malicious attacks with staggering financial consequences, what’s truly alarming is that such threats occur on a regular basis. This is exactly why Blockaid is emerging as a pioneering force in web3, offering security solutions to emerging web3 industries.

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