Blockaid, an Israeli startup specializing in Web3 security, has successfully secured $27 million in a Series A funding round led by Ribbit Capital and Variant. This recent funding has taken Blockaid’s total funding to $33 million, following a previous $6 million seed round. The company’s mission is to address the significant security vulnerabilities within the web3 space, which has witnessed considerable fund losses and malicious activities. Ido Ben-Natan, Blockaid’s CEO and co-founder, emphasizes the urgent need to enhance the security and usability of web3, as it faces both individual cyberattacks and even nation-state threats.
Ben-Natan expressed his concerns on the company’s website, stating, “The truth is that today web3 is broken. Fund loss per capita exceeds any other industry — a whopping $14 billion was stolen last year alone, twice as much as the $7 billion in direct losses from all non-crypto cybercrime. What’s more, one in ten dApps that people interact with are malicious, so savvy, crypto-native users also fall prey to bad actors.” These challenges create a pressing need for enhancing web3 security.
Blockaid offers comprehensive security solutions, serving web3 builders and helping users protect their digital assets. The company was established by Ben-Natan and CTO Raz Niv, who initially met during their military service in Unit 8200. Later, they worked as Cyber Security R&D Team Leads at the Office of the Prime Minister of Israel, where they earned the prestigious Israel Defense Prize for their contributions to cybersecurity.
Explaining Blockaid’s approach to security, Ben-Natan noted, “After over six years of managing teams and cyber operations, we founded Blockaid, hiring out a team of 20+ of the best security engineers Israeli cyber intelligence has to offer. Our unique architecture ingests vast amounts of data collected from scanning, simulating, and validating dApps and transactions across the web. The more transactions and dApps Blockaid sees, the more our models improve.”
The startup’s dedication to improving web3 security has already borne fruit, as it boasts an impressive list of customers, including MetaMask, OpenSea, Rainbow, and Zerion. Over the past six months, Blockaid has scanned more than 450 million transactions, prevented 1.2 million malicious transactions, and safeguarded over $500 million of user funds that could have otherwise been compromised.
With this significant Series A funding, Blockaid aims to further enhance its capabilities and continue fortifying web3 security. The company’s innovative approach aligns with the growing importance of securing digital assets and ensuring the long-term viability of web3 technologies.
This successful funding round serves as a testament to the increasing recognition of the critical role that cybersecurity plays in the world of cryptocurrencies, decentralized applications, and the broader web3 ecosystem. As the digital landscape continues to evolve, innovative solutions like those provided by Blockaid are essential for protecting users and maintaining trust in these cutting-edge technologies.