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Web3 Security Firm Certik Raises $88 Million in Series B3 Financing Round Led by Tiger Global and Others

News Feed - 2022-04-09 06:04:39

Web3 Security Firm Certik Raises $88 Million in Series B3 Financing Round Led by Tiger Global and Others


Certik, a Web3 and blockchain auditing and security firm, has raised $88 million in its recent B3 funding round. The round, which was led by Tiger Global and included Goldman Sachs as an investor in the firm, gives the company a valuation of $2 billion. This doubles the valuation that Certik reached via its last funding round in November 2021. Certik Reaches $2 Billion Valuation


Certik, a blockchain auditing firm, has closed its Series B3 financing round with a significant increase in investments. The company raised $88 million, with Tiger Global, Insight Partners, and Advent International leading the round, and with the participation of Goldman Sachs and other current investors.


With this funding round, the company has managed to reach a valuation of $2 billion, doubling the numbers it obtained in its Series B2 funding round in November 2021, which gave it a valuation of $1 billion.


Regarding how the company has managed these funding rounds and their successes, Ronghui Gu, founder and CEO of Certik, told Techcrunch:


We have raised four rounds in the past nine months and the valuation has grown more than 10 times. We haven’t touched any money in the past four rounds. The money is in the bank and the reason is because CertiK is a profitable business.


The firm attributes this growth to the importance that blockchain security and pre-deployment audits have taken on now that there have been massive hacks and exploits involving bridges, like the one that Sky Mavis’ Ronin Network faced recently. In total, more than $1 billion has been lost in these attacks. New Deployments and KYC Coming


While the company already offers various products for groups that want to secure their blockchain deployments, there will be more of these products in the future, whose aim will be to simplify the security setup of Web3 ecosystems.


Part of the funds raised will go to the construction of “a one-stop security platform for the entire Web3 world,” and other products. Certik’s signature platform, called Skynet, which offers surveillance for attacks on smart contracts, had reported revenue growth of more than 2,000% by November 2021.


The company is also putting special emphasis on KYC for the future of the Web3 space. In the press release announcing the new raise, the company declared:


CertiK recently launched its Know Your Customer (“KYC”) and fraud investigation service this year. Certik believes KYC is the missing link in most competitive offers for helping prevent malicious intent i.e., rug-pulls, by owners of a project. Tags in this story Auditing, Blockchain, certik, funding raise, Goldman Sachs, KYC, Security, securoty, Tiger Global, Web3


What do you think about Certik’s Series B3 funding round? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Bank of America Strategist Warns "Recession Shock" Is Coming, Analyst Says Crypto Could Outperform Bonds NEWS | 4 hours ago 250 Bitcoin From 2009 Moved After 12.4 Years — Rare BTC Mined Over a 2-Day Span NEWS | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBank of America Strategist Warns ‘Recession Shock’ Is Coming, Analyst Says Crypto Could Outperform Bonds Next articleGAIMIN Delivers a Decentralized Approach to the Increasing Requirement for More Data Processing Power Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItLeading NFT Marketplace Opensea to Add Solana Support in April


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