Web3 security firm Hypernative secures $16 million in Series A funding led by Quantstamp. The firm plans to expand in Asia Pacific and the U.S., offering real-time risk monitoring for blockchain security.
Bollywood Fever: Hypernative, a leading web3 security firm specializing in hack prevention, has raised $16 million in a Series A funding round.
The round was led by another prominent web3 security company, Quantstamp, with participation from Bloccelerate VC, Boldstart Ventures, Borderless Capital, CMT Digital, IBI Tech Fund, Re7 Capital, and others, the company announced on Tuesday.
The Series A round, which began earlier this year and concluded by mid-2024, brings Hypernative’s total funding to $27 million.
This includes a $9 million seed round secured in January 2023 and an additional $2 million seed extension from strategic partners, according to Hypernative’s co-founder and CEO, Gal Sagie. The company, however, did not disclose its valuation.
What is Hypernative?
Hypernative has developed a “real-time” risk monitoring platform that aims to detect hacks before they happen, allowing users to take preventive measures.
The platform uses AI and machine learning to monitor over 200 types of risks, including smart contract vulnerabilities, bridge security issues, and market manipulations, by analyzing both on-chain and off-chain data.
Since its launch in September 2022, Hypernative’s platform has served over 120 clients, including high-profile names like Uniswap, Solana, Chainalysis, Chainlink, Circle, Consensys, and Galaxy. “We are the first and only (in production) to provide a security solution connected directly with a Layer 2 sequencer to stop hacks/exploits from the chain infrastructure,” Sagie said.
The need for such a platform is evident, as crypto losses from hacks and scams have already surpassed $1.2 billion this year, a 15.5% increase from last year, according to Immunefi.
Major incidents include a $305 million loss by Japanese crypto exchange DMM Bitcoin in June and a $235 million loss by Indian exchange WazirX in July.
Sagie noted that Hypernative could have potentially prevented these hacks, adding that over the past two years, the platform could have detected “most if not all of the hacks/exploits that happened in the space,” with 99.5% of them being completely preventable.
So far, Hypernative claims to have saved over $100 million in funds, detecting 99.5% of hacks last year with a false positive rate of less than 0.001%. Additionally, in 99% of cases, the platform detected attacks more than two minutes before the first transaction.
Future Plans for Hypernative
With the new funding, the Tel Aviv-based company plans to expand its presence in the Asia Pacific region and the U.S. Sagie mentioned plans to grow the current team of 30 by hiring across various functions, including research and development, customer support, sales, and marketing.
“We also want to make sure Hypernative as a platform is available on any chain out there,” Sagie said, adding that the firm currently supports the largest number of chains, including non-Ethereum Virtual Machine (EVM) chains like Solana, Cosmos, Starknet, Stellar, and Stacks, along with 40 other EVM-based chains.
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