CertiK plans to use the funding to expand its product suite. Here are the top-line bullets you need to know.
CertiK, a verification platform, has raised $80M in an extended Series B round. This round drew participation from Coatue Management, Hillhouse Capital Management, and Sequoia Capital China, among others.
How’s the company performing?
- New York-based CertiK offers blockchain and smart contract auditing as well as active-monitoring services via its Security Leaderboard and Skynet platforms, respectively.
- Over the past year, the company has seen a 20x increase in revenue and a 4x increase in headcount.
- CertiK has detected over 31K blockchain code vulnerabilities and protected over $310B in digital assets to date.
- The company has over 1,800 clients, including Polygon, Aave, and Terra.
Why does the market matter?
- The global cybersecurity market is expected to reach a value of $304.9B by 2027, growing at a CAGR of 9.4%, according to Allied Market Research.
- As cryptocurrency continues to grow, the increasing frequency and severity of cyber incidents as well as the institution of stricter government regulations have increased the demand for blockchain security solutions.
- The growth of DeFi (decentralized finance) has heightened data breach risk for blockchain companies and blockchain users as well. There were a total of 169 blockchain hacking incidents this year, resulting in $7B worth of lost funds, according to Cointelegraph.