Blockchain security firm Hexens has raised $4.2 million in seed funding led by IOSG Ventures

A $4.2 million seed round led by IOSG Ventures, a top Web3 Venture Capital, has closed for Hexens, a cybersecurity boutique and blockchain startup. With this funding, Hexens is poised to expand its coverage of cybersecurity services, as well as release new products that will impact the field on ecosystem quality.

“The $2B lost in crypto hacks by 2022 alone shows the importance of thorough cybersecurity practices and the high demand for top-notch cybersecurity services. We’re excited to partner with the amazing Hexens team on their mission to make the Web3 a safer place. The team’s expertise in ZK technology positions them well to secure the next wave of industry innovations. Moreover, products built by Hexen have the potential to become a standard toolkit for every developer and security researcher in the blockchain space, says Queenie Wu, the partner at IOSG Ventures.

“Today, many businesses face a single point of failure while relying on technologies that store assets in the chain. Our main goal is to set new standards and raise expectations of what cybersecurity solutions can do,” Sipan added.

Hexen’s growth through partnership

Understanding the needs of the market, the Hexens founders decided to focus on blockchain technologies to develop and implement new security standards in the field, aiming to bring Web3 mass adoption closer than it is.

Since the founding of the company in 2021, it has had an impressive track record and recognition in the industry: Mudit Gupta – CISO of the largest EVM Ecosystem – Polygon Technology, joined the company’s advisory board after completing only a single collaboration iteration.
Hexens investors include IOSG Ventures, Delta Blockchain Fund, Chapter One, Hash Capital, ImToken Ventures, Tenzor Capital and angels from Polygon and other blockchain projects.

In terms of product development, Chapter One is excited to support Hexens, as well as mentor the founders of the security-focused development ecosystem that is being built at a rapid pace.

The Delta team considers full-stack web3 security metrics a top priority and therefore supports the startup on its way to becoming a growing global leader in web3 security.

Hexen’s security audit and investigations

Two multiple winners of the Capture the Flag competition, Sipan Vardanyan and Vahe Karapetyan, known as Noyer and kemmio in the professional community, established Hexens.

After more than a decade of providing classic cyber security services in the Web2 industry, they have shifted their attention to blockchain technology to create and implement new security standards in this sector and contribute to the widespread use of Web3.

Many individuals see blockchain technology as the future of finance and it is actually one of the fastest growing industries. Rapid expansion presents serious cyber security challenges. The technology faces the risk of not achieving mass adoption if the growing threats of cybercrime are not properly addressed.

While many businesses still rely on technologies that store assets in the chain, Hexens aims to create new security standards. The team consists of first-class audit teams specialized in various fields of information security, showing extreme performance in the most challenging and technically complex tasks, including but not limited to: Infrastructure Audit, Zero Knowledge Proofs / Novel Cryptography, DeFi, NFT. In addition to security audits, Hexens also investigates and responds to security incidents. Over the past 9 months, the investigative division has identified and de-anonymized hackers and returned millions worth of assets to their rightful owners.

The unique methodologies and techniques that the team has honed over a decade of business in cybersecurity enabled them to see the needs of the precocious blockchain market.

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