As Hypernative’s co-founder and CEO Gal Sagie reported to TechCrunch , a crypto security-based startup has raised $9 million in seed funding.
Start of the Company
The company was started by two Hypernative’s CTO Sagie and Dan Caspi. The funding cycle was directed by boldstart ventures and IBI tech fund, with investments from Blockdaemon, Alchemy, Borderless, CMT Digital and Nexo. The co-founders collectively have huge experience in cloud infrastructure, building large-scale distributed systems and security. They have also worked at places like IBM, Google and Microsoft.
“We created Hypernative early last year when we saw huge amounts of money getting stolen or phished or scammed in crypto,” Sagie said. “We saw huge gaps between tools that existed and money being invested, so we wanted to create something to help prevent attacks.”
Hypernative’s New Product
Earlier in September, the company presented its first product, Pre-Cog, a platform that monitors on- and off-chain data sources to predict threats before they occur. And as Sagie said, , this new product has already helped users save “tens of millions” of dollars since its launch. Sagie also appointed that the company’s main goal is to build “detection early” and to connect manually its tools through customer workflows. He also added that its ideal client base ranges from asset managers, hedge funds, traders and market makers interacting with crypto to blockchains and protocols.
Sagie noted: “We’re doing detection beforehand. A lot of incidents alerted [users] within minutes or hours before an attack happened so we’ve helped prevent attacks through alerts. In the future, Hypernative aims to build prevention workflows that give end-to-end systems that mitigate risk without doing anything”
Company’s Losses
Despite of the fact that crypto markets are down, there’s still billions of dollars invested in the space, that’s why it makes it a target for attacks by cyber scammers. For example, in 2022, the majority of losses, or $3.77 billion, were from hacks across 134 specific incidents, according to Immunefi’s Crypto Losses 2022 report. Last year, every quarter had several multimillion-dollar losses.
Reports showed that the biggest loss in the fourth quarter of 2022 was about $1.62 billion in total losses across 55 incidents, accounting for almost half of the total losses in the year.
“From my experience hackers don’t sleep,” Sagie said. “They don’t care if it’s a bull market or bear market. Where there’s money and opportunities, they go. The crypto industry needs more tools to help prevent hacks before they transpire, so there’s a big opportunity to improve the space.”
Source
https://techcrunch.com/
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