Blockchain security startup CertiK on Thursday announced that it has raised $88 million in a Series B3 funding round, which boosted its valuation above the $2 billion mark. Over the past nine months, the company has raised $230 million.
The new investment round was led by Advent International, Insight Partners, and Tiger Global, with participation from Goldman Sachs and previous investors Lightspeed Venture Partners and Sequoia.
Founded in 2018, the New York-based CertiK claims to serve more than 3,200 enterprise clients.
The company says it has already protected more than $300 billion in cryptocurrency, and that it is well-positioned to help organizations prevent cryptocurrency losses, which have already topped $1 billion this year.
CertiK offers an auditing service to check blockchain protocols, smart contacts, and Web3 apps within an organization’s environment, while its Skynet platform offers continuous monitoring of security threats.
The blockchain security firm says it continues to see strong demand for its products and services and that its revenue went up 12-fold in 2021, when it launched its Know Your Customer (KYC) and fraud investigation service.
The company says it will use the new investment to build more innovative security products. CertiK also continues hiring new talent for its end-to-end product strategy.
“Given increasing trends in rug-pulls, we now see KYC playing an important role in Web3 security,” CertiK founder and CEO Ronghui Gu said. “KYC, together with Smart contract auditing and 24/7 monitoring of threats, will further strengthen our offer around end-to-end Web3 security services.”