Immunefi, a Singapore-based bug bounty and security services platform for web3, has raised $24M in a Series A funding round led by Framework Ventures.
Other participants in the round include Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi.
The company will use the funds to scale its team further to meet its massive demand. The Singapore company works similar to cybersecurity startup Intigriti.
“Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world”, says Mitchell Amador, Founder, and CEO of Immunefi. “By shifting incentives towards whitehats, Immunefi has already saved billions of users’ funds. Projects across crypto rapidly realize that it’s better to use Immunefi than publicly begging hackers to return funds or pay the ransom. We’re using this raise to scale our team to meet this massive demand.”
Bug bounty platform
Mitchell Amador founded Immunefi in 2020 as the largest and most widely adopted bug bounty platform in web3. The company guards over $100B in users’ funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, Nexus Mutual, and others.
The platform boasts a massive community of whitehat hackers who review projects’ blockchain and smart contract codes, find and responsibly disclose vulnerabilities and get paid for making crypto safer.
With Immunefi, whitehat hackers are rewarded based on the severity of the vulnerability they discover, creating incentives for as many experts as possible to examine the code of particular projects for vulnerabilities.
Further, the company has paid out the most significant bug bounties in the software industry, amounting to over $60B, and has pioneered the scaling web3 bug bounties standard.
Since its inception, the company has saved over $25B in users’ funds and has paid out $60B in total bounties. In addition, the platform now supports 301 projects across multiple crypto sectors and collectively offers $136M in bounties to whitehat hackers.
“Our participation in Immunefi’s Series A represents the single largest check our firm has ever publicly written,” says Roy Learner, Principal at Framework Ventures. “As it stands, Immunefi is by far and away the most widely adopted solution in the crypto security and bug bounties space. We’re excited to see the company scale and amass talent as more key projects are onboard into their ecosystem.”
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