Blockchain security company CertiK has scored $37m in its Series B funding round, which was co-led by Coatue Management and Shunwei Capital.
Coinbase Ventures also committed capital to the Series B investment. These investors join CertiK’s existing backers, which include IDG Capital, Binance, Lightspeed Venture Partners and Yale University.
CertiK claims this is the largest funding round to have been completed by a blockchain security company.
With the equity infusion, CertiK will accelerate the development of its products, extend its end-to-end security capabilities and hire more staff.
Founded by professors of Yale University and Columbia University in 2018, CertiK claims to be a pioneer in blockchain security. Its AI technology can audit and monitor blockchain protocols and smart contracts.
Clients can leverage the technology to build applications with security and correctness at the heart. Its Skynet solution utilises on-chain and off-chain data to provide real-time insights into the security of DeFi applications.
The blockchain security company closed an $11m funding round last year and since then, it has worked with 600 new clients and had a profitable H1 2021, with revenues quadruple that of the whole of 2020.
Coatue Management partner Kai Jiang said, “Decentralised finance has grown enormously over the last 18 months, giving millions of people access to innovative financial tools and savings products. With such rapid innovation, security is of the utmost importance.
“We are excited to participate in this funding round and look forward to seeing CertiK strengthen its position as a leader in blockchain security.”
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