Quick take:
The fundraising also attracted participation from StepStone Group, Boldstart Ventures, Quantstamp and IBI Tech Fund.
Hyperactive claims its security services protect over 200 Web3 projects and over $100 billion in value.
The company leverages AI-powered detectors, transaction simulations, and deep on/off-chain analysis “to catch threats in flight.”
Hypernative, the Web3 security firm using AI-powered detectors, transaction simulators and deep on-chain/off-chain analysis to mitigate threats, has raised $40 million in a Series B round co-led by Ten Eleven and Ballistic Ventures.
The fundraising also attracted participation from StepStone Group, Boldstart Ventures, Quantstamp and IBI Tech Fund. According to the announcement on Tuesday, Hypernative plans to use the fresh capital to grow its team and expand its AI-powered transaction monitoring and security services including fraud prevention and wallet-level transaction protection.
The company claims its security services protect over 200 Web3 projects and over $100 billion in value, according to a blog post on its website.
The fundraising comes at a time when Web3 security remains a serious concern amid the intersection of blockchain technology and artificial intelligence. “Security shouldn’t be the thing that holds Web3 back. We’re here to build trust at the infrastructure layer — for builders, users, institutions, and everyone in between. This is what real-time, preventive security looks like,” Hypenative wrote on X.
According to Hypernative, its security detection system detected over $2.2B of losses from hacks, exploits, phishing, and fraud, representing a 22% jump from the previous year, adding that the 41.4 billion Bybit hack in February has already set the industry on track for another record-breaking year of security failures.
Commenting on the announcement, Gal Sagie, Co-founder and CEO of Hypernative said in a statement: “Web3 is at an inflection point: clear regulation is finally emerging, and institutional adoption is accelerating led by stablecoins and tokenized assets. But security remains the biggest blocker to mass adoption—and Hypernative is on a mission to close that gap.”
Hypernative emerged from stealth in January 2023 with a $9 million seed round led by Boldstart Ventures with participation from Blockdaemon, Alchemy, Borderless, CMT Digital, and Nexo. Last September, it secured a $16 million Series A round from Quantstamp, Boldstart Ventures, IBI Tech Fund, CMT Digital, Bloccelerate, and Borderless Capital.
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