Web3 and blockchain security company Certify raised $88 million in the latest round, bringing the company’s valuation to $2 billion.
The Series B3 oversubscription funding round more than doubled the company’s value in three months. The company has raised a total of $230 million so far.
“In the past nine months, we have raised four rounds and ratings have risen more than 10 times,” Certicay founder and CEO Rongui Gu told gaming-updates. “We haven’t touched the money in the last four rounds. Money in the bank because CertiK is a profitable business.
However, Gu said the money would be used to build new products and “one-stop security platform for the entire Web3 world.”
The capital increase was led by Insight Partners, Tiger Global and Advent International. Goldman Sachs has also participated with existing investors such as Sequoia and Lightspeed Venture Partners.
Overall, the demand for blockchain security has increased as the crypto sector faces large losses of funds due to exploitation and fraud. According to a report from the Web3 bug-finding service and Immunefi security services platform, the Web3 ecosystem suffered a “loss” of more than $1.23 billion in the first quarter of 2022.
“More than $1 billion was lost in the first quarter due to all the hackers currently targeting the Web3 world,” Gu said. “This industry is still young and different from Web 2. In the world of web3, there is a small pool of developers who cannot always secure software or code, and therefore the industry faces cyber risks.
To date, CertiK has secured more than $300 billion worth of crypto assets for 2,500 corporate clients with audit and fraud investigation services, the company said.
“As we see the continued growth of use cases and assets in decentralized applications, solutions built by Certik will be integral to protecting the ecosystem, accelerating innovation and adoption of these new technologies.” Ollie Harris, head of digital assets at Goldman Sachs, said in a statement.