Web3 security provider CyVers nets $8m

Web3 security provider CyVers nets $8m

Web3 security provider CyVers has reportedly raised $8m in a funding round led by Elron Ventures.

Other commitments to the round came from Crescendo Venture Partners, Differential Ventures, HDI, Cyber Club London, and Cyber Future, according to a report from CTECH.

The RegTech company provides Web3 security through real-time detection and prevention of crypto attacks.

Its system analyses on-chain and off-chain data, and learns the current and historical behaviour of users on the fly. Following this, it automatically and proactively identifies suspicious behaviour through machine learning anomaly detection technology. Finally, the platform alerts the customer and takes corrective actions in real-time.

The platform is used by financial institutions, exchanges and DeFi protocols.

CyVers co-founder and CTO Meir Dolev said, “CyVers’ platform collects cross-blockchain data, streaming it to our sophisticated monitoring system.

“Our analytics engine predicts evolving attacks while autonomously understanding attacker behaviours. These include smart contract exploits, private key leakage, Flashloans, etc. Once it detects the evolution of an exploit pattern, the AI system generates alerts while providing enough time to act and the best-known solution, before the exploitation and money laundering progresses.”

The RegTech company’s AI-based platform was built to reveal patterns and anomalies across blockchains in real-time for improved threat mitigation.

Earlier in the year, blockchain security platform Redefine raised $11m in its seed funding round. The company, which was founded in 2021, is a decentralised finance security startup. It offers an advanced end-to-end risk assessment and mitigation solution for DeFi investors. Features include due diligence service, real-time portfolio risk monitoring and active risk mitigation.

In other digital asset news, the European Central Bank issued a blogpost earlier this week questioning whether the current market turmoil is Bitcoin’s last stand.

They wrote, “For bitcoin proponents, the seeming stabilisation signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below $16,000.”

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