Hypernative, a crypto security startup, has raised $9 million in a funding round led by Boldstart Ventures and the IBI Tech Fund, with participation from Blockdaemon, Alchemy, Borderless, CMT Digital, Nexo, and other angel investors.
Gal Sagie, co-founder and CEO of Hypernative, claims they started the company early last year after observing large sums of money being stolen, phished, and scammed in the cryptocurrency space.
The company aimed to develop a solution to prevent these attacks by filling the gap between the available tools and the money being spent.
Sagie continued by saying that they wanted to develop something to aid in attack prevention because they observed significant gaps between the available tools and the money being spent.
Hypernative’s debut product, Pre-Cog, was released in September. The platform tracks on- and off-chain data sources to identify potential dangers in advance and has reportedly helped save consumers tens of millions of dollars.
Saige claims that they are conducting detection in advance, and he noted that many incidents warned users within minutes or hours before an attack, thereby aiding in attack prevention through alerts.
The company focuses on automating tool connections through client workflows and early detection. Saige noted that asset managers, hedge funds, traders, and market makers who deal with cryptocurrencies, as well as blockchains and protocols, make up its ideal clientele.
Saige stated:
“In the future, Hypernative aims to build prevention workflows that give “end-to-end systems that mitigate risk without doing anything.”
Every quarter of the previous year included a few multimillion-dollar losses, some more significant than others. The fourth quarter of 2022 saw the highest losses in the industry, totaling $1.62 billion across 55 events, making up about half of the total losses for the year.
Sagie stated that the company’s goal is to build end-to-end systems that mitigate risk without any manual intervention. He emphasized the need for more tools in the cryptocurrency industry to prevent hacks, as hackers move to where there is money and opportunity, regardless of bull or bear markets.
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