Blockchain application security startup Blockaid today announced that it has emerged from stealth mode with a $33 million Series A investment.
The financing was led by Ribbit Capital and Variant, with additional investment from Cyberstarts, Greylock Partners, and Sequoia Capital.
Founded in 2022, with offices in New York and Tel Aviv, the web3 security company is working on technology to secure blockchain applications from hacks and scams.
According to Blockaid, the technology can be used to scan, simulate, and validate transactions before they are executed, to prevent fraud, hacks, and phishing attacks before they happen. Blockaid already works with wallets and dApps such as MetaMask, OpenSea, Rainbow, and Zerion.
The company says it has blocked more than 1.2 million malicious transactions over the past three months, preventing over $500 million in user funds from being compromised.
Blockaid says its product is compatible with all blockchain networks and that it can simulate both off-chain signatures (EIP-712s) and on-chain transactions as effectively.
“Our unique architecture ingests vast amounts of data collected from scanning, simulating, and validating dApps and transactions across the web. The more transactions and dApps Blockaid sees, the more our models improve,” the company explains.
The company says it will use the new investment to scale its products and team and expand its customer base.