blockchain security firm CertiK
CertiK, a web3 and blockchain security company, has raised $88 million in its latest round, bringing its valuation to $2 billion.
The oversubscribed Series B3 financing round has doubled the company’s valuation in three months. The company has raised a total of $230 million to date.
“We have raised four rounds in the past nine months and the valuation has grown more than 10 times. We haven’t touched any money in the past four rounds. The money is in the bank and the reason is because CertiK is a profitable business.”
Ronghui Gu, founder and CEO of CertiK
However, Gu said that the funds will be used to build new products and “a one-stop security platform for the entire web3 world.”
The capital raise was led by Insight Partners, Tiger Global and Advent International. Goldman Sachs also participated alongside existing investors like Sequoia and Lightspeed Venture Partners.
In general, demand for blockchain security has increased as the crypto sector faces extensive losses of funds due to exploits and fraud. In the first quarter of 2022, a “loss” of over $1.23 billion transpired across the web3 ecosystem, according to a report by web3 bug bounty and security services platform Immunefi.
To date, CertiK has protected over $300 billion worth of crypto assets for 2,500 enterprise clients through its auditing and fraud investigation services, among other offerings, the company stated. The firm’s revenue rose 12x and profits increased 3,000 times in 2021, Gu said.
blockchain security firm CertiK
