Blockchain and Web3 Security company, CertiK secured $88 Million in Series B3 funding round

CertiK, a New York-based global Blockchain and Web3 security company, has recently secured $88 million in a Series B funding round.

CertiK was founded by Ronghui Gu and Zhong Shao. It aims to secure the Web3 world by applying innovations from academia to the enterprise to enable mission-critical blockchain apps to be built with correctness and security. Its auditing service provides pre-deployment auditing and formal verification for the smart contracts, Web3 apps, and blockchain protocols, while Skynet offers on-chain 24/7 active monitoring of security threats.

Steve Ward, Managing Director at Insight Partners, said, "CertiK is a mission-critical blockchain cybersecurity platform in a massive market and has already become a clear leader in the industry with a high-quality product that provides all-around security for blockchain, smart contracts, and Web3. We look forward to partnering with CertiK’s best in the class founding team, complete with a team of leading crypto security thought leaders as they continue to grow and Scale-Up."

Eric North, Partner at Advent International, said, "We are excited to invest in CertiK as a leader in developing critically needed cybersecurity solutions for the Web3/DeFi market. The decentralized Internet that runs on the blockchain has experienced high levels of security breaches and is in dire need of the kind of effective solutions that CertiK provides. We look forward to partnering with the CertiK team as it continues its tremendous momentum in making blockchains safer and more performant while also providing consumers with much-needed visibility into security considerations across new and existing projects."

The round, which brings the valuation to around $2 billion, was backed by Tiger Global, Insight Partners, and Advent International, with participation from Goldman Sachs and existing investors such as Lightspeed Ventures Partners and Sequoia.

The company, as of now, has plans to use new funds for the development and operation of more innovative and data-driven security products.