Sec3 raises $10 million seed round led by Multicoin Capital

A security-focused blockchain company Sec3 raised $10 million in a seed round led by Multicoin Capital.

1/ We’re extremely excited to announce that @sec3dev has raised a $10M seed round led by @multicoincap, joined by @SanctorCapital and @EssenceVenture — this is in addition to our angel investor @aeyakovenko and @santiagoroel!

— sec3 (secure web3) (@sec3dev) January 31, 2023

Participants in the round included Sanctor Capital, Essence VC, and several angel investors, including Solana cofounder Anatoly Yakovenko.

The company, previously known as Soteria, develops software products to protect dapps and blockchain users. The suite of solutions offered includes:

• Launch Audits for code review before deploying smart contracts to the network;
• X-Ray — a static analysis tool that continuously scans code for vulnerabilities;
• WatchTower for real-time monitoring of dapps and instant alerts of attacks;
• CircuitBreaker, which is used in conjunction with the previous product to block attacks by halting smart-contract execution.

Co-founder and president of Sec3, Chris Van, told The Block in an interview that Multicoin Capital would gain a seat on the board of directors.

The firm closed the round in April 2022, but only announced it now along with the public launch of its products. Before that Sec3 served several private clients in the Solana ecosystem, such as Helium Network, Metaplex and Tulip. According to Van, the company plans to expand its activity to other blockchains, including Aptos, Sui, Ethereum and Polygon.

The raised funds will be directed toward improving the products. To this end, the firm intends to double its headcount from the current 15 employees, Van added.

Earlier in the year, Fred Wilson warned investors about the serious potential risks of Web3 projects in 2023.