Cryptocurrency At a time when fraud and hacking incidents are increasing Blockchain security company CertiK has reached a valuation of $2 billion in its new financing round.
The company raised $88 million in its Series B3 round. Insight Partners, Tiger Global, and Advent International led the funding round, with Goldman Sachs, Sequoia Capital and Lightspeed Venture Partners among the participants.
The new funding round comes after CertiK was valued at $1 billion just three months ago, with an investment of $80 million in Series B3.
How CertiK Doubled Its Value in Just Three Months
Ronghui Gu, the company’s co-founder, said in a statement that they were able to experience such a rise thanks to the company’s growing revenue and increased demand for its services.
The company stated that its revenues increased 12 times compared to last year and its profits increased 3,000 times.
Founded in 2018 in New York, the company audits the smart contracts of Blockchain projects to ensure that projects are safe to be implemented and used.
As is known, hacking and security vulnerabilities are extremely common in the crypto industry. According to CertiK data, crypto assets worth $1.3 billion were lost to hackers last year.
For this year, the amount of crypto money lost to attackers so far due to the Ronin network and Wormhole attacks has already exceeded $ 1 billion.
In his statement, Gu said that with the recent hacking events, Blockchain developers are convinced that security audits are necessary.
*Not investment advice.