New York-based blockchain security company CertiK announced on Friday that it has completed a B3 round of financing worth $88 million, setting a new record for the largest single fundraising round in the blockchain security field. The new investment was jointly led by Insight Partners, Tiger Global and Advent International, followed by new and existing shareholders such as Lightspeed China Partners, Goldman Sachs and Sequoia Capital.
CertiK, with an estimated value of $2 billion, has completed four rounds of financing in the past nine months, with a total financing amount of $230 million. This round of financing will be mainly used for R&D of more innovative products and services applied in different fields, and bringing in experts.
The company was founded in 2018 by Professor Gu Ronghui from Columbia University’s Department of Computer Science and Professor Shao Zhong, head of Yale’s Department of Computer Science. The firm uses advanced formal verification technology and AI audit technology to scan and monitor the security of blockchain protocols and smart contracts, continuously introducing software-as-a-service (SaaS) products such as the well-known Skynet, to provide security solutions of the highest level for enterprises and users in the crypto sector.
In 2021, CertiK launched the world’s first SaaS product in the blockchain security field: Skynet. As an active monitoring platform that can run continuously, Skynet can resist security threats operated under the complicated blockchain network environment by monitoring blockchain and smart contracts in real time. With the continuous development of security threats, the platform can leverage a large amount of machine learning data stored in and out the blockchain network to develop itself, thus protecting targets from threats.
Professor Gu, founder and CEO of CertiK, pointed out: “Formal verification and audit of smart contracts are just the most basic first step of blockchain security services. In the future, the company will help improve the industry penetration rate of these services by developing diversified SaaS products providing customers with more comprehensive security and benefits.”
According to CoinMarketCap data, CertiK takes up a market share of over 60% in blockchain projects using third-party security audits.