Web3 security company Blockaid secured venture capital.

What Happened: The Tel Aviv-based startup raised $27 million in Series A funding led by Coinbase investor Ribbit Capital and early-stage venture capital firm Variant.

Cyberstarts, Sequoia Capital, and Greylock Partners reportedly participated in the funding round.

The capital will be used to enhance product offerings, and customer base and handle the industry’s constantly evolving security challenges.

Why It Matters: In the past three months, Blockaid scanned a total of 450 million transactions, prevented 1.2 million malicious transactions, and safeguarded $500 million in user funds that would have otherwise been lost.

In its recent third-quarter Web3 Security Quarterly Report, Certik cited that more than $699 million was lost across 184 security incidents in comparison to $320 million lost in Q1 and $313 million in Q2.

North Korea-based Lazarus accounted for almost $291 million in confirmed losses in 2023.

Blockaid was founded in 2022 by alumni of Unit 8200, the largest unit in the Israel Defense Forces. The firm offers a security layer that enables every transaction scan from a wallet or assists in interacting with a decentralized app (dApp) or a smart contract and is compatible with any blockchain network.

The company's two products — dApp Scanning Engine and dApp Scanning Sandbox — can be integrated into wallets without additional costs. Metamask, Opensea, Rainbow Wallet and the Zerion Wallet each use Blockaid.

Image: Pixabay