- Hypernative, a cryptocurrency security company, has announced nine million dollars in early financing to help web3 businesses mitigate losses from attacks.
Hypernative, a startup specializing in cryptocurrency security that protects against breaches, said it has secured nine million dollars in seed funding to assist web3 firms in preventing losses from cybercrimes.
Boldstart Ventures and IBI Tech Fund led the seed round, with strategic investments from cryptocurrency companies, Alchemy, Blockdaemon, Nexo, CMT Digital and Borderless, and other angel investors.
The business developed a security platform that leverages data on and off blockchains to identify and prevent future attacks in real time that target economic, governance, and community concerns. Using machine learning models to monitor incoming data, the company’s first product, the “Pre-Cog” platform, can capitalize on signs before an attack occurs.
According to the business, the platform has identified more than 764,000 threats and triggered over 33,000 warnings on more than 14,000 monitored protocols. Its platform enables its clients to respond in real time to possible risks that might harm their crypto assets before or during an attack to limit losses.
Gal Sagie, Chief Executive of Hypernative, said, “We created Hypernative early last year when we saw huge amounts of money getting stolen or phished or scammed in crypto. We saw huge gaps between tools that existed, and money being invested, so we wanted to create something to help prevent [attacks].”
According to a survey by Iimmunefi, a bug bounty and security services platform for web3, the crypto sector lost nearly USD 3.9 billion in 2022 because of hacks, fraud, and scams, while cyberattacks accounted for more than 95% of this loss. Although many of these attacks could have been avoided by proactively addressing the vulnerabilities, it is not always possible to identify every flaw or fault in the wild.
This is where the Pre-Cog platform from Hypernative steps in to alert, respond, and prevent attacks before or as they occur. It enables security teams of crypto companies to receive warning notifications and act swiftly by exporting the alerts to internal application programming interfaces, email, Slack, or Telegram so that engineers are notified immediately.
The platform is intended for protocols that boost security beyond audits and proactive defense, enabling teams to monitor critical metrics and anomalies. It also detects portfolio hazards in advance and in real time for asset managers and traders. By recognizing possible risks before a transaction is performed, users can be more confident in their operations. Hypernative can be easily incorporated with protocol security controls and automated trading wallet systems.
Ed Sim, Founding Partner at Boldstart Ventures, said, “Until now, there are no systems that not only accurately predict and alert on hacks before they happen but also provide actionable advice to stop them. The opportunity in front of Hypernative is massive as stopping zero-day attacks will go a long way towards rebuilding trust in the crypto ecosystem.”
Hypernative’s ideal clientele includes hedge funds, asset managers, exchanges, traders, market managers, and anybody that interacts with crypto and blockchain protocols and may need to respond swiftly to an attack or other incident.