Ironblocks, a Tel Aviv-based web3 startup, has raised $7 million in seed funding from investors including Collider Ventures, Disruptive AI, ParaFi, and Samsung Next, among others.
The funding will be used to develop and accelerate the company’s smart-contract-based security solution that operates on-chain to automate threat detection and enable proactive action to stop hackers in real-time. Ironblocks aims to prevent malicious activity in DeFi protocols, web3 platforms, market makers, and cross-chain bridges to ensure the safety of data and crypto assets.
According to research from Web3 bug bounty platform Immunefi, last year saw a record $3.9 billion stolen from DeFi protocols by hackers, a 56 percent increase from the previous year. Ironblocks is poised to stem the tide of these exploits by providing reliable cybersecurity solutions and consistent enforcement by authorities.
The company aims to establish a new standard for on-chain threat mitigation and ensure smart contract security is a given right for all crypto traders and protocols.
The funding will be used to accelerate development activity and expand the team across engineering, sales, marketing, and more. The startup also plans to support a number of product launches and partnerships that will soon be announced.
Ironblocks was co-founded in 2022 by Or Dadosh and CTO Assaf Eli, veteran software engineers, and blockchain natives with vast experience in cybersecurity and in DeFi. They were part of the team responsible for creating Bancor and securing more than $300 million in total value locked (TVL).
Ironblocks is building a best-in-class solution to help bring an end to hacks, exploits, and thefts in DeFi and Web3. According to Adam Benayoun, managing partner at Collider Ventures, this will enable many protocols to establish further trust and credibility with their communities.
The company’s solution harnesses artificial intelligence and years of deep native blockchain experience to disrupt the way on-chain products are done. Ironblocks aims to build trust between founders and users and promote institutional players and ecosystem maturity.
This funding announcement highlights the increasing demand for cybersecurity solutions to prevent malicious activity and promote trust in the DeFi and Web3 ecosystem.