Cyvers, which brings cybersecurity solutions to Web3 firms such as Bit3C and Solidus Capital, raised exactly $ 8 million in a startup round led by Elron Ventures.
Investors
Cyvers, an Israeli cybersecurity start-up, has raised $8 million in a seed round led by Elron Ventures. Other funders include HDI, Differential Ventures, and Crescendo Venture Partners.
What is Cyvers?
The company combines domain knowledge with geometric machine learning technology to provide plug-and-play security solutions to various Web3 companies in real-time. Among the firm’s clients are names such as Bit2C, Solidus Capital, and CoinMama.
How Does the Platform Work?
The company’s analytical engine is able to autonomously detect aggressive behavior and predict developing attacks. As an example of developing attacks, the following situations can be shown:
- Smart contract exploits
- Private key leaks
- Flashloans
The company’s artificial intelligence system works by generating alerts when it detects the development of a pattern of abuse, providing enough time to take action and the best-known solution before the abuse and money laundering move forward.
About Cyvers
Dolev and Deddy Lavid co-founded Cyvers in February. According to Lavid’s statement to The Block, the equity fundraising was completed in October. The funds from this increase will be used for research and development, as well as to increase sales and marketing in the future, Lavid added.
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