Hypernative announced Monday that it has emerged from stealth mode with $9 million in seed funding. Web3 funding is daily metaverse news.
Boldstart Ventures and IBI Tech Fund led the round. Other investors include Nexo, Blockdaemon, Borderless, Alchemy, CMT Digital, and others. According to Gal Sagie, co-founder and CEO of Hyperative, the funds will help the company achieve its goal of developing a “proactive security and risk prevention platform” for Web 3 companies, decentralized finance protocols, and other crypto players.
launch additional services
Sagie and fellow co-founder and Chief Technology Officer Dan Caspi stated that they want to use what they’ve learned at top tech companies to assuage the fears of business leaders who struggle to accurately assess security risks in vulnerable spaces such as crypto and Web3, and as a result, miss out on profitable business opportunities.
“We saw people falling into phishing and scamming campaigns [and] we saw reputable organizations not entering the field and not sending or investing money because they’re afraid of reputation risk, and how to monitor and understand risk,” Sagie said.
There are some reasons to be concerned about phishing and other scams. According to a report by security risks platform Immunefi, approximately $4 billion in cryptocurrencies were lost in 2022 due to rug pulls, fraud, exploits, and other scams.
As a result of such losses, the Hypernative team released its first product, Pre-Cog, in September. Pre-Cog is a platform that examines both on-chain and off-chain data sources in order to detect potential threats before they occur.
According to Sagie, the product has already saved tens of millions of dollars.
The new funds will also be used to launch additional services that will use historical databases, machine learning models, and heuristics to predict potential incidents and send out alerts minutes or hours before they occur. It aims to give market makers, asset managers, and traders more control over their businesses and client safety.
“What we see is that the market is very reactive in nature,” stated Sagie. “When there is something going wrong businesses focus on how you handle it post-incident, but preventing these things from happening is a very important aspect [of remaining secure].”
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