Key Points:
- Hypernative, a provider of crypto security, received a $9 million seed round of funding from cryptocurrency firms like Alchemy, Blockdaemon, and Nexo.
- After a protocol is deployed to a blockchain, Hypernative’s technology keeps track of both on-chain and off-chain data to detect any potential threat from an exploit in real time.
- Hypernative is now focusing on blockchain networks and protocols as well as cryptocurrency hedge funds. He asserted that it has already attracted a few funds managing “hundreds of millions of dollars” as clients.
Hypernative, a provider of crypto security, received a $9 million seed round of funding from cryptocurrency firms like Alchemy, Blockdaemon, and Nexo.
According to a news release, CMT Digital and Borderless also participated in the round, which was led by Boldstart Ventures and IBI Tech Fund. According to founder and CEO Gal Sagie, the business started gathering money soon after its founding in March and ended the round in May.
After a protocol is deployed to a blockchain, Hypernative’s technology keeps track of both on-chain and off-chain data to detect any potential threat from an exploit in real time. By doing this, according to Sagie, the platform can identify signs of a potential breach and alert users before it happens.
“I think the major thing we have unlocked is that there is no post-deployment monitoring and real-time prevention of hacks and exploits,” said Sagie.
He clarified that the majority of security measures used in the crypto industry today are manual audit processes that don’t account for changes in risk that can arise after deployment.
The frequency of crypto hacks accelerated rapidly last year
After retrospectively analyzing the recent hack of web3 music streaming service Audius, Sagi says that its system would have given a warning 17 minutes before the attack. The frequency of crypto hacks accelerated rapidly last year, topping $3 billion in total funds lost, according to a Chainalysis report.
“Until now, there are no systems that not only accurately predict and alert on hacks before they happen but also provide actionable advice to stop them. The opportunity in front of Hypernative is massive as stopping zero-day attacks will go a long way towards rebuilding trust in the crypto ecosystem,” said founding partner Ed Sim at Boldstart Ventures in a statement announcing the funding round.
According to Sagie, Hypernative is now focusing on blockchain networks and protocols as well as cryptocurrency hedge funds. He asserted that it has already attracted a few funds managing “hundreds of millions of dollars” as clients.
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