Blockchain application security startup Blockaid on Tuesday announced raising $50 million in a Series B funding round that brings the total raised by the company to $83 million.
The new investment round was led by Ribbit Capital, which co-led its Series A funding round in 2023, with additional support from GV and previous investors, including Variant and Cyberstarts.
Blockaid, which was founded in 2022 and has offices in New York and Tel Aviv, has built a web3 security platform designed to protect blockchain applications from cyberattacks through scanning, simulating, and validating transactions.
Designed to detect and prevent scams, fraud, and phishing, the platform provides direct integrations for end-user safety, blockchain monitoring, threat and fraud detection, and transaction cosigning and other safeguards.
The company is on a mission to secure onchain interactions, keeping organizations and end-users protected from state-sponsored and cybercrime threat actors.
According to the startup, its solution is used by industry players such as Coinbase, MetaMask, Uniswap, Starknet, Safe, and Immutable, and has blocked over 71 million attacks, securing over 787 million dApp connections and preventing more than $5.3 billion in potential losses.
Blockaid will use the new funding to scale its research and development, engineering, product, and go-to-market teams, to meet growing demand for its security platform.
“As blockchain adoption accelerates and new retail investors enter the market, comprehensive security is essential. This investment will help us continue to advance our machine learning capabilities and expand our current offerings to stay ahead in a highly adversarial landscape of evolving threats,” Blockaid CEO and co-founder Ido Ben-Natan said.
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