SoftBank Vision Fund, Tiger Global and Web 3 have closed a $60 Million funding round for CertiK (a blockchain security company) The funding came two weeks after CertiK announced an $88 million round led by Insight Partners at a $2 billion valuation.
CertiK is profitable and hasn’t touched the capital from its last fundraise, Ronghui Gu, CertiK founder and CEO, told in an interview.
The funding establishes partnerships with two global investing giants that can provide connections to traditional companies who want to enter the Web 3 space.
This year, blockchain security flaws made headlines and caused over $1 billion in losses. In February, blockchain bridge Wormhole lost $326 million in an exploit. Last month, Ronin Network, the infrastructure under the popular play-to-earn game Axie Infinity, suffered a $625 million breach. The Beanstalk stablecoin protocol then became the second notable attack in a month and lost $182 million.
CertiK is headquartered in New York City and offers end-to-end security solutions. This makes CertiK a one-stop shop for customers. Products include code auditoring, threat monitoring, and asset tracking. The company is currently working on new products.
Gu, a Columbia University professor of computer science, and Zhong Shao, Yale University professor of computer science, created the security service.
Gu said CertiK controls more than 60% of Web 3 companies that have ever used a third-party security company. However, roughly 90% of companies in the space have never used such a service, which Gu finds “really scary.”
Security services aren’t easy to find for new Web 3 projects due to the limited number of providers and the often high costs. CertiK hopes to expand its security auditing services and verification solutions in order to make them accessible to small Web 3 businesses.
“We really want to scale this business to all the players in the blockchain and Web 3 industries,” Gu explained.