Blockchain Security Startup Hypernative Pockets $9 Million To Prevent Crypto Hacks CryptoBlog
Hypernativea cryptocurrency security startup that focuses on protecting against hacks, today said it has raised $9 million in seed funding to help Web3 companies prevent losses from cyberattacks.
The round was led by Boldstart Ventures and IBI Tech Fund, with strategic investments from cryptocurrency firms Blockdaemon, Alchemy and Nexo, as well as CMT Digital and Borderless and a number of angel investors.
The company has created a security platform that uses data both on and off blockchains to predict and prevent potential cyberattacks that target economic, governance, and community threats in real time. The company calls its first product the “Pre-Cog” platform because of its ability to capitalize on signals before an attack occurs by using machine learning models to monitor incoming data.
According to the company, the platform has already detected more than 764,000 risks and triggered more than 33,000 alerts on more than 14,000 monitored protocols. It uses its platform to enable its clients to react in real time to potential threats that could affect their crypto assets before or even while an attack might occur to mitigate any damage that may occur.
“We started Hypernative early last year when we saw huge amounts of money being stolen, phished or scammed in crypto,” said Gal Sagie, CEO of Hypernative. Told Technological crisis. “We saw huge gaps between the tools that existed and the money invested, so we wanted to create something to help prevent [attacks].”
According to a report from Immunefi, a bug bounty and security services platform for Web3, the crypto industry lost about $3.9 billion due to hacks, frauds and scams in 2022, with cyberattacks accounting for over 95% of this total. Although many of these attacks could have been avoided by proactively patching vulnerabilities, it is not always possible to catch every error or bug in the wild.
That’s where Hypernative’s Pre-Cog platform comes in to warn, respond, and prevent attacks before or while they happen. It enables security teams at crypto companies to receive alerts and act quickly by exporting alerts to internal application programming interfaces, Slack, email or Telegram so engineers can know quickly.
The platform is designed for protocols to enhance security beyond auditing and proactive defense, allowing teams to monitor key metrics and anomalies. For asset managers and traders, it also detects risk in portfolios in advance and in real time by identifying potential risks before a trade is initiated, this means users can be more confident about to their activities. Hypernative easily integrates with protocol security controls and automated trading systems of trading portfolios.
“Until now, there is no system that can not only accurately predict and alert to hacks before they happen, but also provide actionable guidance to stop them,” said Ed Sim. , founding partner of Boldstart Ventures. “The opportunity ahead of Hypernative is huge as stopping zero-day attacks will go a long way in restoring trust in the crypto ecosystem.”
Hypernative’s ideal clients include hedge funds, exchanges, asset managers, traders and market managers and anyone who interacts with crypto and blockchain protocols who might find themselves in a position where they need to react quickly to an attack or any other type of incident.
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