A web security startup, Blockaid, has raised a substantial $33 million in two funding rounds, comprising a $6 million seed round and a $27 million Series A round.
Key investors in the seed round include Sequoia Capital, Greylock Partners, and Cyberstarts, with Ribbit Capital and Variant leading the Series A round.
Founded in September 2022 by Ido Ben-Natan and Raz Niv, both with backgrounds in Israeli military cyber intelligence, Blockaid offers web3 security tools to combat crypto fraud, phishing, and hacks.
Their ability to thoroughly examine both off-chain signatures, specifically EIP-712s, as well as on-chain transactions sets them apart. Blockaid’s scanning engine simulates and validates blockchain transactions, effectively detecting potential malicious interactions.
To date, they have scanned over 450 million transactions, preventing 1.3 million attacks, saving $7.1 billion in assets, and averting losses of over $500 million. Notable clients include MetaMask, OpenSea, Zerion Wallet, and Rainbow Wallet.
In a recent example, Blockaid thwarted a phishing attack on Ethereum co-founder Vitalik Buterin’s account, protecting users’ wallets. However, wallets without their protection suffered losses of around $700,000, including valuable NFTs.
Blockaid believes that to unlock the next phase of innovation, every transaction will need to be scanned and secured. Users shouldn’t have to know they’re interacting with crypto and web3 should just work, and work securely.
Blockaid’s innovative web security approach is poised to make a significant impact in safeguarding the evolving world of cryptocurrencies and decentralized applications.