CertiK, a leading blockchain security firm, has announced the closing of an $88 million B3-round financing. Led by Insight Partners, Tiger Global, and Advent International, the financing is a major milestone for the company. This latest round of funding is a testament to the company’s cutting-edge blockchain security solutions and the growing demand for such services in the blockchain space.
Let’s take a closer look at the details of this round of funding and how it will impact CertiK’s growth.
Blockchain Security Firm CertiK Secures $88M in B3-Round Financing Led By Insight Partners, Tiger Global and Advent International
CertiK is a blockchain and smart contract security platform that utilises revolutionary Formal Verification technology to mathematically prove that software is bug-free and hacker-resistant before being deployed. Founded in 2017 by renowned Yale Professor of Computer Science Dr. Zhong Shao, and Columbia University Professor of Computer Science and Engineering Dr. Ronghui Gu, CertiK’s mission is to provide ironclad assurance to the world’s most critical applications, aiming to achieve 10x more secure code than traditional testing and estimation methods.
CertiK recently secured $88M of funding in a B3 round led by Insight Partners, Tiger Global Management, and Advent International. The company supports blockchains such as Binance Smart Chain (BSC), Ethereum, Ontology, Cosmos-SDK, Avalanche+Polkadot networks and Tezos through automated security audit and manual bug bounty programs so companies can build with confidence from the start. In addition, CertiK’s leading certification protocol has been applied to over 300 projects such as Tether, Wink Protocol, eFishery and Ledgy, and top compliance support from the world’s top exchanges such as Huobi Global.
Overview of B3-Round Financing
CertiK, a blockchain security firm, has recently secured $88 million in a B3-round of financing from a consortium of investors including Binance Labs, Bitmain and other leading investors. Insight Partners, Tiger Global and Advent International led the finance. This brings the total capital raised to more than $120 million since its inception 4 years ago.
This new funding will support CertiK in further developing its multi-layered dynamic formal verification framework to protect smart contract security and enhance the resilience of DeFi applications. It will also allow the team to strengthen its DLT audit services for large-scale products such as Libra, allowing users to leverage blockchain technology with greater assurance and trust in real use cases.
Apart from strengthening investment rounds and auditing prowess, CertiK also plans on enhancing its solutions portfolio which supports developers’ deployment processes and ensures users’ balances are not affected during contract transitions or upgrades. In addition, CertiK aims to grow its geography coverage with stronger presence in countries like Australia, Japan and Korea. With the new funding round, it hopes to expand customer deployment engagements globally.
Investors
CertiK, a blockchain security firm, has received $88M in funding in a B3-round financing. Insight Partners, Tiger Global and Advent International led the round. Other leading investors, including Binance Labs, Bitmain, Facebook Co-Founder Eduardo Saverin’s B Capital Group, and Neo Global Capital, participated.
These investments reflect the industry’s interest in CertiK’s mission of building trust in smart contracts and blockchains.
Binance Labs
Binance Labs is the venture arm of Finance, one of the world’s largest digital asset exchanges. Binance Labs supports top blockchain entrepreneurs and startups through mentorship, advice, infrastructure and venture capital investments. As an investor in CertiK, Binance Labs is committed to providing innovative solutions to secure blockchain-based systems’ integrity and protect against malicious attackers.
CertiK has received more than $80 million in funding from leading investors including Binance Labs, Bitmain, Huobi Capital, Sequoia China, Matrix Partners China, and blockchain-focused venture capitalist funds such as Hyperchain Capital and FBG Capital. Other participants include NEO Global Capital (NGC), Kinetic Ventures; strategic partners such as Arrington XRP Capital; investment funds like Digital Currency Group (DCG); corporate investments from OKEX Plus Token Ecosystem Fund TDMantra CTC Gooley Technology from Value Creation and Fusion Chain Fund 01VC; plus other strategic investors such as ThinkLab Ventures.
CertiK’s team consists of world-class security experts and cryptography researchers dedicated to offering comprehensive smart contract assurance services on various public chains along with a cloud-based source code auditing platform that can be used across different languages such as JavaScript, Solidity, GoLang and Python. CertiK also offers services ranging from audit insurance consultation to accounting system tests. With this new fundraising round now complete CertiK will continue its mission to bring trust into smart contracts and seek to further improve their service offering with lead investors providing access to diversified industry resources.
Bitmain
Bitmain, one of the world’s leading providers of cryptocurrency mining hardware, is an investor in CertiK. Founded in 2013, Bitmain designs and sells Application-Specific Integrated Circuit (ASIC) chips and related products to support its own Bitcoin and other cryptocurrencies. Additionally, Bitmain operates Antpool, a cryptocurrency mining pool; Hashnest and a Bitcoin Cloud Mining service; two blockchain projects, Hypernet and Countforce; and various cryptocurrency exchange services.
Their investment in CertiK’s Series B3 round brings them into firm relationships with leading companies such as Insight Partners, Tiger Global Management, Coatue Management LLC, Rohm Ventures LLC, A since-disclosed strategic private sector fund managed by Abu Dhabi Investment Authority (ADIA), AppWorks , 01VC , AVVC , DHVC , Green Happenings Capital Group Ltd., JRR Crypto/JRR Capital (China) Internet Technology Co., Ltd., Nogle Group , SAMBAC Avante Group (Japan) Inc., Mirae Asset Venture Investment Corp., South Korean VC firm KB Investment & Security Co. Ltd., Sora Ventures , Adways Ventures Corp., Twelve Delta Capital Partners Limited, BmiT Investment Holdings Limited Runjia International Investments Limited, Cosmos Network Fund Inc YF Capital Co..
This new financing brings the total capital secured by CertiK to date to $88 million.
Insight Partners
Insight Partners is a global venture capital and private equity firm investing in high growth technology and software companies. The firm has invested in more than 300 companies worldwide, including CertiK, the blockchain security firm that recently secured $88M in
funding. Led by co-founder and Managing Director Jeff Horing, Insight Partners leverages a collaborative approach to discover exceptional investment opportunities across all stages and sectors with up to five times higher returns for their portfolio companies.
Insight Partners is at the forefront of investing in disruptive technologies today. Their team consists of experienced professionals with decades of proven success from leading public technology corporations to small startups nationwide. With an extensive network of entrepreneurs, Fortune 500s, other investors and advisors, they are constantly looking for ways to help their partners achieve business success.
As one of the top private equity firms in the world, Insight Partners has established itself as a leader in innovation investing through its investments into transformative start-ups such as CertiK that provide groundbreaking solutions for industries like blockchain security.
Tiger Global
Tiger Global Management is a New York City-based hedge fund management company founded in 2001 by Chase Coleman III. The business has approximately $55 billion in assets under management. The investment firm specialises in the technology, media, and telecommunications industries and has additional offices in Singapore, Hong Kong and India.
In February 2020, Tiger Global participated in CertiK’s B3 financing round to the tune of $88 million. According to an announcement from CertiK, this financing will help the blockchain security firm further its mission of building trust in smart contracts and blockchains and expanding into other Trust as a Service (TaaS) products.
The investment also provides CertiK access to a well-resourced partner with global coverage and deep industry knowledge across verticals such as fintech, healthcare-technology, enterprise software and consumer internet businesses. Furthermore, with Tiger Global’s commitment to the blockchain space alongside Binance Labs, Bitmain Technologies Limited (“Bitmain”) Matrix Partners China and other notable investors such as Coatue Management LLC and Druckenmiller for this raise further validates the development of CertiK’s TaaS platform for institutional investors.
Advent International
Advent International is one of the world’s largest and most experienced global private equity investors. Founded in 1984, Advent has invested in more than 330 private equity transactions in 41 countries across five continents and focused on investments in five core sectors. The firm focuses on dynamic, growing economies across Europe, North America, Latin America and Asia. Advent has raised $55 billion in capital commitments since inception (as of December 2019).
Advent’s portfolio includes many companies within the technology sector and beyond. Through its VantagePoint partner program, it invests through venture capital funds and directly in deals. With its latest investment into Blockchain Security Firm CertiK, Advent International joins a prestigious investor group including Binance Labs, Bitmain and Tiger Global Management, Insight Partners, and more. This $88M series B3-round financing will support growth expansion efforts globally while contributing to CertiK’s mission towards mainstreaming secure smart contracts applications.
Funding Details
Blockchain security firm CertiK has secured a whopping $88 million in funding through its B3-round of financing. The round was led by significant investors such as Insight Partners, Tiger Global, Advent International, Binance Labs, and Bitmain. This is a major milestone for the company and will enable them to take their products and services to the next level.
Let’s delve into the details of this massive funding round.
Amount of Funding
CertiK, a blockchain security firm, announced on October 20th that it has secured $88 million in funding in a new B3 round of financing led by Insight Partners, Tiger Global and Advent International. This is the largest single-round investment in any company focused exclusively on formal verification technology. Additional investors such as Binance Labs, Bitmain, DHVC (Danhua Capital) and NEO Global Capital also participated in the round.
The $88M raised to date puts CertiK ahead of the other major venture-backed companies in this space. As the first professional blockchain auditing company to offer end-to-end convenience for security validation with formal verification experts on staff full time and layer-based protocol completeness evaluation services, CertiK brings significant value to the blockchain space with its focus on smart contract security auditing for all use cases – existing networks like Ethereum and newer protocols such as Polkadot that are beginning to come online.
This capital raise will enable CertiK to expand into public blockchain ecosystems outside of Ethereum while continuing its growth in private chain adoption across various industries.
Purpose of Funding
Blockchain security firm CertiK has recently secured $88M in funding, primarily from a B3-Round of financing led by Insight Partners, Tiger Global, and Advent International. This funding round will bolster CertiK’s current distributed security platform and finance their future growth objectives.
CertiK’s mission is to provide industry-leading security audit and verification services for blockchain companies worldwide. Their platform offers a wide range of tools for developers to help them protect their projects from malicious attacks or accidental faults. The funding provided will enable CertiK to develop its core technology, improve auditing systems and expand its team of engineers and customer service staff.
CertiK has already engaged with many leading companies in the blockchain space, such as BlockFi and Celer Network. Their presence in this space will likely grow with the additional funds invested in this round.
The future of blockchain technology depends on secure networks that are reliable enough for people and businesses to trust them – which is why funds invested into firms like CertiK are essential! The widespread adoption of this technology rests heavily on securely audited systems that they provide, so it’s great news our industry has been backed by some of the biggest investors around the world.
Use of Funds
CertiK, a blockchain security firm that provides assurance and security for decentralised technologies such as smart contracts, has secured $88M in funding from Binance Labs, Bitmain, Insight Partners, Tiger Global, and other leading VC investors. Insight Partners lead this B3-round of financing as the lead investor in the funding round.
The proceeds from this investment will primarily strengthen CertiK’s technical capabilities to ensure even more secure blockchain networks and protocols.
Most of the funds raised are expected to be utilised for internal talent expansion and developing more comprehensive solutions powered by CertiK’s proprietary technology. This includes expanding their security verification platform and its formal verification framework with scaling features for private networks and public blockchains such as Bitcoin and Ethereum. These funds will also be used in investments into proof-of-concept projects that benefit both smart contract platforms and developers alike — boosting auditing practices while meeting compliance requirements.
Benefits of Investment
Securing investment from Binance Labs, Bitmain, and other leading investors, blockchain security firm CertiK has just announced that it has raised $88M from its B3-round financing.
An influx of such capital from these leading investors presents many benefits for the company, enabling it to expand and drive forward its mission of creating secure and trustworthy blockchain applications.
Let’s explore the various benefits of such an investment.
Expansion of CertiK’s Platform
CertiK, which develops formal verification technology for blockchain projects, has secured a significant funding round led by Insight Partners, Tiger Global and Advent International. The $88 million series B3 financing round brings the security firm’s total raise to nearly $88 million.
This funding will further expand the suite of CertiK’s industry-leading security solutions across multiple protocols. In addition to decentralised finance (DeFi), the company will invest in other space such as “autonomous vehicles and augmented reality.”
These investments aim to “facilitate a far more secure future where ever greater technology innovations can emerge more safely while participants remain in control” said co-founder and senior advisor Prof. Justin Srivastava. With this capital injection, CertiK plans to become unrivalled in its robust security for distributed systems through formal programmatic verifications or its powerful development suite known as the “CertiK Core Suite”.
CertiK’s platform provides independent code audits from talented certified auditors that can ensure that code is secure and trustworthy with minimal operational overhead on behalf of their clients. Once highlighted vulnerabilities are redressed through corrective actions or design considerations, these findings are integrated into the CertiK Library of Best Practices (LBOB), an open-source knowledge base managed internally and externally that ensures investor confidence with smart contracts and blockchain applications overall.
Strategic Partnership with Investors
CertiK, a blockchain security firm, has secured $88M in funding from Binance Labs, Bitmain, and other leading global venture capital investors in its Series B-round financing. The investment follows CertiK’s completion of Series A and seed funding rounds for $112 million first round financing.
This strategic partnership with investors highlights the importance of secure blockchain technology and its applications across multiple industries. The investment, led by Insight Partners and Tiger Global, further demonstrates the trust prominent venture capital firms have placed in CertiK to battle against physical threats to blockchain networks. Certified by top-tier global auditors such as KPMG, PwC, Deloitte and Ernst & Young (EY), CertiK’s strong commitment towards delivering sophisticated security standards delivers even greater confidence across enterprise stakeholders.
The B3-round financing also involves four core partners alongside major VCs such as Insight Partners, Tiger Global Management Ventures LP, Matrix Partners China and BTC12 Capital Co Ltd., as well as several new key participants including Polychain Capital Ltd., IDG Capital, Arrington XRP Capital LLC (AXP) and OnChain Capital LLP (OC). The partnership accelerates industry collaboration through various joint initiatives to drive rapid development of secure platforms for enterprise customers.
Improved Security for Blockchain Networks
Blockchain has revolutionised the way data is stored, transferred and tracked. But with this new technology, there are security issues. CertiK is a blockchain security firm focusing on blockchain system verification and cyber-security. Through their revolutionary technology, companies can improve the security of their blockchain network by verifying its smart contracts and DApps (Decentralised Applications).
CertiK has secured $88 million in funding from Binance Labs, Bitmain, and other leading investors including Insight Partners, Tiger Global and Advent International to continue developing their technology further. This funding will allow CertiK to expand its global reach and create more secure infrastructure for existing networks.
This kind of investment in cybersecurity for blockchain networks is beneficial for small companies wanting to protect their networks and large enterprises wishing to secure massive transactions safely. CertiK’s technology allows company’s data to be more secure by using advanced techniques such as static analysis, symbolic execution and machine learning that generate a formal certificate ensuring all potential exploits have been detected before they can cause any harm or disruption.
Investing in this revolutionary level of cyber security companies worldwide will be able to build trust within the industry while allowing users safe access to applications utilising decentralised ledgers without fear of tampering or malicious intent taking place impervious behind the scenes.
