Security audit-focused smart contract startup CertiK raised $ 37M in a Series B funding round led by hedge fund Coatue Management and venture capital firm Shunwei Capital.
Bitcoin exchange venture Coinbase has also joined the lead investors. Since its founding in 2018, the startup has raised about $ 48 million in funding. It has been backed by Binance, IDG, Lightspeed Venture Partners, and Lenovo at various times.
CertiK is engaged in checking the code base of blockchain projects for vulnerabilities. In addition to auditing, the startup offers users the Skynet analytical service, which assesses the security of projects from the field of decentralized finance (DeFi) based on on-chain and off-chain data.
The startup has raised funding amid growing attacks on DeFi projects. According to the analytical company CipherTrace, in the first five months of 2021 alone, the volume of thefts in this segment reached $ 156 million.
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According to Defiyield, CertiK has audited at least 429 DeFi projects. The startup claims to have over 1,000 customers, including from other segments of the industry. According to a press release, he has secured over $ 70 billion in digital assets.
CertiK COO Daryl Hawk noted that growing demand for the startup’s services in the past year has allowed it to turn into a profit. According to him, revenue for the first six months of 2021 exceeded the same figure for the entire 2020.
The startup will use the money received from investors to expand its staff and scale its technology. Hawke noted that CertiK will double its headcount in 2022.