In Series B+ funding, the blockchain and DeFi security firm, CertiK, has raised a funding of $24 million backed by Tiger Global and GL Ventures. This achievement has increased the total funding received by the company to $70 million. Earlier, CertiK received a Series B funding of $37 million in July 2021. Several organizations like Coatue Management, Coinbase Ventures, and Shunwei Capital became a part of CertiK. The blockchain security solution aims to enhance the standards and features of its product called Skynet Premium, which is expected to act as an antimalware solution for blockchain.
Launching Skynet Premium
Skynet Premium is one of the most anticipated products from CertiK, and it monitors the blockchain for potential threats, exploits, and errors 24*7. It maintains a regularly updated library of threat definitions used to analyze client repositories, smart contracts, and regular transactions run on the blockchain. In addition, CertiK claims that Skynet Premium has been equipped with Machine Learning and AI, thereby allowing the monitoring system to enhance its security options as per demands. The new service will also provide users with an intuitive dashboard to analyze the status of their products.
Nevertheless, CertiK may not want to restrict the use of funding to Skynet Premium. It is worth noting that CertiK has already used Skynet to monitor more than 2 million smart contract transactions. In addition, more than 2 billion blockchain transactions are scrutinized using the security platform. According to CertiK, more than 1,300 enterprise clients rely on its service, allowing the security firm to detect more than 23,000 exploitable vulnerabilities in blockchain code. Since hackers are now focusing on blockchain-based security issues, CertiK and its services seem to have a solid future in the DeFi environment.
CertiK has also received recognition from the industry in the past. For instance, during the Binance Smart Chain Awards, the company was crowned the ‘Security Project of the Year 2021.’ It is also worth noting that CertiK has re-invested its profits from the services to boost the security options from the platform. With the fresh funding and support of some of the industry leaders, CertiK plans to keep its operations running, thereby creating a security system for DeFi apps and projects.
Need For Security
The increasing popularity of CertiK comes at a time when blockchain-based exploits and hacking attempts are on the rise. Recently, the Poly Network witnessed an attack that stole cryptocurrencies worth $610 million just to return most of it afterward. Even though the amount was returned, it indicated a potential issue on the security side. In the last year alone, many DeFi companies have been subjected to several exploits and hacking attempts. Therefore, it remains to be seen whether a platform like Skynet Premium can increase investors’ confidence in blockchain and DeFi projects.
It remains to be seen whether CertiK plays an essential role in the process, especially since it claims to offer more transparency to the security of these projects and services.