Blockchain security platform Ironblocks announces $7 million fundraising
TEL AVIVIs real, 15 February 2023 /PRNewswire/ — Iron blocksthe first-ever blockchain-native cybersecurity platform, today announced that it has raised 7 million dollars in seed funding.
This fundraiser is led by Collider Ventures and Disruptive AIwith several participants included ParaFi; Quantum stamp; Samsung Next; Balaji Srinivasanformer CTO for Coin base and former general partner at Andreessen Horowitz; Calvin Liustrategy manager at Own team; Alan Leung, Single co-founder and former CEO Nimrod Lehavi; Fos Finance; venture investor Luis Pedragosa; and others.
Iron blocks aims to stem the tide with a new smart contract-based security solution that operates on-chain to automate threat detection and enable DeFi protocols, Web3 platforms, market makers and cross-chain bridges to proactively take immediate action to stop hackers in real time to secure funds before they are dumped into hackers’ wallets.
“We are thrilled to be on this journey with such a great group of partners as we have set out to set a new standard for threat reduction in the supply chain,” said Iron blocks CEO or Dadosh. “We believe that smart contract security is a given right for everyone crypto traders and protocols, and we aim to ensure the security of data and crypto assets in the best way to bring about broad adoption in DeFi and Web3.”
Last year, a record amount of money was stolen from DeFi protocols by hackers, more than 3.9 billion dollarsfollowing research from the Web3 bug bounty platform Immunefi, an increase of more than 56 percent from the previous year. In addition, according to the reportmore than 80 percent of all exploit hacks resulted in successful theft of funds. Iron blocks is set to prevent this type of malicious activity.
So last year 155 individual exploits, an increase of more than 50 percent over 2021, proving that hackers have become more brazen as hundreds of dApps continue to come online, further emboldened by a lack of reliable cybersecurity solutions and consistent government enforcement. Robust security measures are needed to thwart their efforts and further build trust between entrepreneurs and users.
“Smart contracts, like other financial fundamental blockchains, need to have the right protection. It is crucial for institutional players and all ecosystem maturity,” said Yorai Fainmesser, general partner at Disruptive AI. “Ironblocks leverages artificial intelligence and years of deep native blockchain experience to disrupt the way on-chain products are made. We’re excited to support the team in executing their vision.”
The funds will be used to accelerate development activity and further expand the team across engineering, sales, marketing and more, and also to support a number of product launches and partnerships to be announced soon.
“Ironblocks is building a best-in-class solution to help end hacks, exploits and theft in DeFi and Web3,” said Adam Benayoun, managing partner of Collider. “We are proud to be a part of this effort and believe this is going to be a game changer for many protocols that will enable them to further establish trust and credibility with their communities.”
Iron blocks is based in Tel Avivand was co-founded in 2022 by Or Dadosh and CTO Assaf Eliveteran software engineers and blockchain natives with extensive experience in cybersecurity and in DeFi, having been part of the team responsible for creating Bankorand ensure more than 300 million dollars in total value locked (TVL).
Eller Dadosh has also previously been head of blockchain innovation and solvency developer at Orbsblockchain engineer at eToroand blockchain leader on Bankor.
Assaf Eli previously also been a blockchain consultant for projects at Ethereum Network ecosystem, part of the former core team that built Bankorand served as a technical team leader in Israeli military intelligence.
To learn more, visit www.ironblocks.com.
About iron blocks
Ironblocks is an end-to-end security provider for Web3 platforms, DeFi protocols, bridges, market makers and other digital asset projects. Ironblocks automates proactive threat detection and will soon enable teams to take preventive action within milliseconds.
Our mission is to protect decentralized finance and web3 against threats and theft, and create the security needed to enable broad use of these platforms.
Media contact
Ryan Gorman
Headmaster, Gorman Strategies
[email protected]
SOURCE Iron blocks
