TL;DR
- Hypernative Raises $16M: Web3 security firm Hypernative secures $16 million in Series A funding to enhance its hack prevention capabilities.
- Leading Investors: The funding round was led by Quantstamp, with participation from Bloccelerate VC, Boldstart Ventures, and others, bringing total funding to $27 million.
- Innovative Security Solutions: Hypernative’s AI-driven platform detects over 200 types of risks, serving clients like Uniswap and Solana, and plans to expand globally.
Hypernative, a leading web3 security firm, has successfully raised $16 million in a Series A funding round. This significant investment aims to bolster the company’s efforts in identifying and preventing hacks within the rapidly evolving web3 ecosystem.
Hypernative raised a $16M Series A round to make crypto safer for everyone!
Big thanks to our investors: @bloccelerate @Boldstartvc @borderless_cap IBI Tech Fund @CMT_Digital Knollwood @Quantstamp @Re7Capital
Secure everything you build, run and own in Web3.Blog:… pic.twitter.com/PmjJzRE9jr
— HypernativeLabs (@HypernativeLabs) September 3, 2024
Funding Details and Participants
The Series A round was led by Quantstamp, another prominent web3 security firm, with participation from Bloccelerate VC, Boldstart Ventures, Borderless Capital, CMT Digital, IBI Tech Fund, Re7 Capital, and others.
This latest funding round brings Hypernative’s total funding to $27 million, following a $9 million seed round in January 2023 and a $2 million seed extension from strategic partners.
Hypernative’s Innovative Approach
Hypernative offers a real-time risk monitoring platform designed to detect hacks before they occur. Utilizing AI and machine learning tools, the platform monitors both on-chain and off-chain data to identify over 200 types of risks, including smart contract hacks, bridge security issues, and market manipulations.
Since its debut in September 2022, Hypernative has catered to more than 120 clients, featuring prominent names such as Uniswap, Solana, Chainalysis, Chainlink, Circle, Consensys, and Galaxy.
“We are the first and only (in production) to provide a security solution connected directly with a Layer 2 sequencer to stop hacks/exploits from the chain infrastructure,” said Gal Sagie, co-founder and CEO of Hypernative.
Impact and Future Plans
Hypernative claims to have saved over $100 million in funds so far and detected 99.5% of hacks last year with a false positive rate of less than 0.001%. The firm also states that in 99% of cases, attacks were detected more than two minutes before the first transaction.
With the new funding, Hypernative plans to expand its presence in the Asia Pacific region and the U.S. The company also aims to grow its team of 30 people by hiring across various functions, including research and development, customer support, sales, and marketing.
Additionally, Hypernative intends to ensure its platform is available on any chain, currently supporting the largest number of chains, including non-Ethereum Virtual Machine (EVM) chains like Solana, Cosmos, Starknet, Stellar, and Stacks, along with 40 other EVM-based chains.
As the web3 ecosystem continues to grow, Hypernative’s innovative solutions and expanded reach are set to play a crucial role in safeguarding digital assets and preventing future hacks.
