- Hypernative, a firm specializing in Web3 security solutions, has successfully secured $16 million in its recent Series A funding round.
- The funding round was led by Quantstamp, with participation from various investors including Bloccelerate VC and Boldstart Ventures, highlighting the growing demand for enhanced security measures in the cryptocurrency sector.
- Gal Sagie, co-founder and CEO of Hypernative, emphasized the unique capability of their platform to monitor risks in real-time, potentially preventing a large percentage of crypto hacks.
This article explores Hypernative’s recent funding achievement and its implications for Web3 security amidst rising cryptocurrency hacks.
Hypernative Secures $16 Million in Series A Funding
In a significant development for the cybersecurity landscape of the cryptocurrency realm, Hypernative announced the completion of a $16 million Series A funding round, concluding efforts initiated earlier this year. With Quantstamp leading the investment, the round witnessed contributions from a diverse roster of venture firms such as Bloccelerate VC and Boldstart Ventures, reflecting enhanced confidence in the value of cybersecurity in emerging digital assets.
Innovative Solutions for Real-Time Risk Monitoring
Hypernative’s advanced platform utilizes artificial intelligence and machine learning technologies to conduct real-time risk assessments, detecting over 200 types of threats that can jeopardize crypto assets. Since its inception in September 2022, the firm has onboarded more than 120 clients, including industry heavyweights like Uniswap and Chainlink, positioning itself as a pivotal player in the battle against crypto fraud. Gal Sagie noted that their technology is distinctively integrated with Layer 2 sequencers, enabling proactive threat mitigation directly from blockchain infrastructure.
Overview of Cryptocurrency Security Trends
As cryptocurrency-related hacks and scams continue to escalate, with losses surpassing $1.2 billion in 2023—a striking 15.5% increase from last year—Hypernative’s offerings appear timely and critical. Recent incidents include catastrophic breaches such as the $305 million loss suffered by DMM Bitcoin and a similar $235 million loss affecting WazirX. These events underline the pressing need for more robust cybersecurity frameworks in the rapidly evolving crypto space.
Hypernative’s Impact and Future Plans
According to Sagie, Hypernative could have potentially prevented the devastating hacks faced by WazirX and DMM Bitcoin, with his assertion that the platform has detected 99.5% of hacks in the previous year with an incredibly low false positive rate of 0.001%. Furthermore, their monitoring solutions not only function swiftly—recognizing attacks over two minutes before the first malicious transaction—but have purportedly saved clients over $100 million from prospective hacks.
Expanding Global Reach Amidst Increasing Demand
With the fresh influx of capital, Hypernative plans to extend its footprint in the Asia-Pacific region and the United States, as noted by Sagie. The firm aims to bolster its workforce, which currently stands at 30, by recruiting talent across various domains including research and development, sales, and customer support. Emphasizing their commitment to interoperability, Sagie highlighted that Hypernative’s security solutions are designed to support a wide array of blockchain platforms, significantly beyond just Ethereum.
Conclusion
Hypernative’s recent funding success underscores the critical importance of cybersecurity in the cryptocurrency industry, especially given the continuous rise in hacking incidents. With innovative technology capable of real-time risk detection and a strategic plan for global expansion, Hypernative is poised to play an essential role in enhancing the security framework necessary to protect digital assets in an increasingly perilous landscape.
