Web3 security company SphereX has announced $8.2 million in seed funding and the launch of its security solution, SphereX Protect.
The firm is renowned for its advanced security solutions for smart contracts and was founded by experts in the cyber, blockchain, and machine learning industries.
The $8.2m seed funding was backed by investors such as Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners, along with other angel investors.
SphereX provides cutting-edge security for smart contracts. Integrating as an on-chain security module into smart contracts, it thwarts hackers from exploiting vulnerabilities in the code. It operates without the need to pause the smart contract or implement circuit breakers, preventing malicious activity without hindering the normal operation of the contract. The company adheres to the principles of composability and anti-censorship, offering verifiable and continuous defence.
Though the specifics of how the new funding will be utilized were not detailed in the original text, it can be inferred that the funds will likely be used to further enhance SphereX’s security solutions and extend its market reach.
Billions of dollars have been lost through exploited smart contracts, which often had been previously audited and monitored. Decentralized apps (dapps) constantly grapple with preventing hackers from exploiting vulnerabilities. SphereX is the only existing solution that provides Dapps with a security solution that enables business continuity under attacks and compliance with levels of decentralization.
SphereX CEO Eyal Meron said, “The disruptive potential and mass adoption of Web3 depends on users’ trust, who expect a better standard of cyber resilience than currently exists. The existing security landscape is insufficient, and hacking into smart contracts is one of the best returns on investment for leading hacking groups. To change that equation, an innovative, effective, and robust layer of protection is required. That’s SphereX’s mission, and that’s what our solution provides.”
SphereX CTO Oren Fine added, “We are the only existing solution today that provides Dapps with what they need to win users’ trust — a security solution that allows business continuity under attacks, and is compliant with whatever level of decentralization they choose.
“We enable the owner of the protocol to provide a highly secure protocol and be worthy of the users’ trust, knowing that they will not lose their funds nor lose access due to pause, even under attack. We’ve back-tested our solution on dozens of historical attacks and it managed to automatically block the vast majority while maintaining gas efficiency and minimizing false positives, even when it was a single transaction attack.”
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