Blockchain security firm CertiK raises $37M to combat DeFi and crypto risks

The Series B funding round was co-led by Coatue Management and Shunwei Capital, with participation from Coinbase Ventures.

Blockchain security firm CertiK announced Wednesday that it has received $37 million in fresh financing to expand its product and security capabilities for the cryptocurrency and DeFi industries. 

“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,” said CertiK co-founder Professor Ronghu Gu.

Kai Jiang, a partner at Coatue Management, said blockchain security is becoming increasingly important amid the DeFi revolution:

“Decentralized finance has grown enormously over the last 18 months, giving millions of people access to innovative financial tools and savings products. With such rapid innovation, security is of the utmost importance.”

CertiK has gained popularity for its Skynet platform, which uses on-chain and off-chain data to provide real-time insights into the security status of DeFi applications. To date, Skynet has monitored over 2 million smart contract addresses and more than 2 billion on-chain transactions, the company said.

As Cointelegraph reported, CertiK released its real-time smart contract auditing blockchain in October 2020. Less than one month later, it implemented its automated tool for scanning smart contract vulnerabilities.

Related: The radical need for updating blockchain security protocols

CertiK has emerged as one of the most heavily backed blockchain security companies on the market. In addition to the venture capital stalwarts that supported its Series B fundraiser, the company is also backed by IDG Capital, Binance, Yale University, Lightspeed Venture and others.

Since 2018, CertiK has successfully raised $48 million. The company closed an $11 million funding round less than a year ago, which helped to finance its continued expansion. Since then, CertiK has worked with over 600 new clients, with revenues quadrupling through the first half of the year as compared with 2020.