Prominent backers fund Certik as blockchain security remains a primary concern in the crypto space
Certik Series B
Certik is now valued at $2 billion after closing its B3 round of funding with participation from notable investors such as Insight Partners, Tiger Global, and Goldman Sachs. Certik managed to secure $88 million in its extended Series B round of funding, raising the total amount to $230 million.
Certik doubled its valuation in three months after completing its B2 round of funding on December 1. Certik’s exponential growth is a result of the increased rate of adoption of blockchain technology. The team, in its announcement, said:
“Our products and services continue to show strong demand, supporting an incredible growth of revenue for the company. In 2021, CertiK saw its revenue surge 12x, while its profits surged by 3,000x. Even with the temporary downturn in the crypto market, CertiK’s 2022 Q1, Year-over-Year Web3 security revenue grew by 4x.”
Blockchain Security
The firm’s value proposition comes from the indispensable need for blockchain security in the crypto space. In 2021, losses amounting to $1.3 billion due to hacks have been a major concern. With the growth of Decentralized Finance (DeFi) coupled with the need to bridge various chains, bridge-style attacks and flash loans attacks are becoming a real menace.
Pre-deployment code audits by security firms such as Certik are becoming an essential checklist for all projects on the blockchain. Innovation in this space also means that blockchain security firms expand resources to keep themselves abreast of new developments.
Suite of Services
Certik launched SkyNet last year, an active monitoring platform for deployed smart contracts. It has also recently launched its Know Your Customer (KYC) and fraud investigation service this year.
Certik believes that the key elements that can prevent rug-pulls and scams are transparency and visibility, which the firm aims to achieve through its suite of services and products. Certik recently received awards from CB Insights Blockchain 50 and Globee Awards. These awards are validations for the firm’s value to the blockchain space.
What is Certik:
Certik is a blockchain security firm that helps projects identify and eliminate security vulnerabilities in blockchains, smart contracts, and Web3 applications using its suite of services, products, and cybersecurity techniques.
To find out more about Certik, these are its official links:
Source : bsc.news
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