Blockaid secures $50M to bolster Web3 security

Blockaid, an onchain security platform, has secured $50 million in a Series B funding round.

Led by Ribbit Capital, the round saw participation from GV (formerly Google Ventures), Variant, and Cyberstarts.

The company intends to allocate the funds to its research, product, engineering, and go-to-market teams, aiming to meet the increasing demand for onchain security solutions.

Blockaid's platform is utilised by entities including Coinbase, Uniswap (CRYPTO:UNI), MetaMask, Immutable (CRYPTO:IMX), Ava Labs, and Stellar (CRYPTO:XLM).

It delivers end-user protection through direct wallet and decentralised application integrations, alongside threat detection via blockchain monitoring.

Ido Ben-Natan, co-founder and CEO of Blockaid, stated that the landscape is "highly adversarial" with "evolving threats," emphasising security as blockchain adoption expands.

Blockaid's platform has scanned over 2.4 billion transactions and analysed over 787 million interactions with decentralised applications.

It has also identified and blocked more than 71 million attack attempts, preventing over $5.3 billion in potential losses while protecting over $101 billion in assets.

"We grew tenfold in a year and continue at a similar pace... We expanded from 20 employees to 70 and expect to double our workforce by the end of the year," said Raz Niv, the company's CTO, in a conversation with Calcalist.

Blockaid, founded in 2022 by Ido Ben-Natan and Niv, had previously raised $27 million in a Series A round in October 2023.

With the Series B funding, Blockaid's total funding has reached $83 million.

The company's technology employs machine learning models to scan transactions and decentralised application connections to detect potential threats.

The company aims to extend its services beyond crypto-native projects to include banking, fintech, and hedge fund sectors.

Blockaid's security infrastructure is used by both crypto-native companies and traditional institutions that are scaling their blockchain initiatives.