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Crypto Security Firm CertiK Closes $37M Funding Round

The crypto security firm has received investments totaling $48 million since launching in 2018.

Shutterstock cover by Ruslan Grumble

Key Takeaways

  • Blockchain security firm CertiK has raised $37 million in a Series B funding round.
  • The raise was co-led by Coatue Management and Shunwei Capital, with participation from Coinbase Ventures.
  • CertiK will use the funds to accelerate the development of its products and expand its team.

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Leading blockchain security project CertiK has closed a $37 million Series B funding round. The company says the funds will help accelerate development and expand its team. 

CertiK Raises More Funds

CertiK has raised $37 million in a Series B funding round. 

The blockchain security leader announced the raise in a Wednesday press release. The round was co-led by Coatue Management and Shunwei Capital, with participation from Coinbase Ventures. The latest round adds more reputed industry names to CertiK’s impressive list of backers, including IDG Capital, Binance, and Yale University. 

The latest raise brings CertiK’s total funds raised to $48 million since 2018.

Kai Jiang, a partner at Coatue Management, spoke about the current market for blockchain security services, commenting that with the enormous growth and rapid innovation of decentralized finance, “security is of the utmost importance.”

Founded in 2018, CertiK uses best-in-class AI technology to audit and monitor blockchain protocols and smart contracts. So far, the company has conducted over 220 smart contract audits, securing more than $70 billion worth of digital asset value. Projects secured by CertiK include so-called “blue-chip” DeFi protocols such as Aave and Yearn.Finance, Binance Smart Chain, and the popular Ethereum scaling solution Polygon

Commenting on the raise, CertiK co-founder Professor Ronghui Gu said: 

“We’re proud to advance transparency in the space by providing the tools and resources—including our official audit reports—so the community can make sense of vital security information.”

In addition to smart contract audits, the firm also offers a public Security Leaderboard that aggregates on-chain and off-chain data, social sentiment, market volatility, and suspicious transactions to provide each protocol with a security score. Anyone can view the leaderboard and check the security of blockchain projects in real-time, allowing the average user to make more informed decisions.

With the latest round of funding, CertiK intends to accelerate the development of its products, deepen end-to-end security capabilities, and expand its team. The company has already seen impressive growth, quadrupling its revenue and doubling its team size in the last year. By continuing to grow, the company aims to maintain its position as a leader in the blockchain security space as demand for security services increases.

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