CertiK, the smart-contract auditor, raises $37 million

The smart-contract security auditing startup CertiK raised $37 million in a Series B funding round led by hedge fund Coatue Management and venture firm Shunwei Capital. 

🎉#CertiK completes a Series B fundraising round raising over $37M to enhance the future of #blockchain security

The family of CertiK investors has been joined by Coatue Management, Shunwei Capital, and Coinbase Ventures 🙌https://t.co/FZNgMQOKNs

— CertiK (@certik_io) July 14, 2021

Joining the lead investors was Coinbase Ventures, the venture arm of the cryptocurrency exchange Coinbase. Since its founding in 2018, the startup has raised about $48 million in funding. It has been backed by Binance, IDG, Lightspeed Venture Partners and Lenovo at various times.

CertiK specializes in auditing the codebases of blockchain projects for vulnerabilities. In addition to auditing, the startup offers users the Skynet analytics service, which assesses the security of DeFi projects based on on-chain and off-chain data.

The startup attracted financing amid a rise in attacks on DeFi projects. According to CipherTrace, the total amount of theft in this segment reached $156 million.

According to Defiyield, CertiK has conducted audits of at least 429 DeFi projects. The startup says it counts more than 1,000 clients, including from other segments of the industry. In a press release, it said it had secured the safety of digital assets with a total value of over $70 billion.

In an interview with The Block, CertiK’s chief operating officer, Daryl Hawk, noted that last year rising demand for the startup’s services allowed it to turn a profit. He said revenue in the first six months of 2021 exceeded the full-year 2020 figure.

The funds from investors will be used to grow the staff and scale its technology. Hawk noted that in 2022 CertiK would double its headcount.

Increased by 90%, to a record $6.2 billion venture investment in the blockchain and digital assets industry in the second quarter of 2021.

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