Certik, a Web3 and blockchain auditing and security firm, has raised $88 million in its recent B3 funding round. The round, which was led by Tiger Global and included Goldman Sachs as an investor in the firm, gives the company a valuation of $2 billion. This doubles the valuation that Certik reached via its last funding round in November 2021.
Certik reaches a valuation of $2 billion
Certik, a blockchain audit firm, closed its Series B3 funding round with a significant increase in investment. The company has raised $88 million, led by Tiger Global, Insight Partners and Advent International, with participation from Goldman Sachs and other current investors.
With this funding round, the company has managed to reach a valuation of $2 billion, doubling the numbers it obtained in its Series B2 funding round in November 2021, which gave it a valuation of $1 billion.
Regarding how the company has handled these funding rounds and their successes, Ronghui Gu, Founder and CEO of Certik, told Techcrunch:
We have raised four rounds in the past nine months and the valuation has grown more than 10 times. We haven’t touched any money in the past four rounds. The money is in the bank and the reason is because CertiK is a profitable business.
The company attributes this growth to the importance that blockchain security and pre-deployment audits have taken on now that there have been massive hacks and exploits involving bridges, such as the one that Sky Mavis’ Ronin network has. recently faced. In total, more than a billion dollars were lost in these attacks.
New Deployments and KYC Coming
While the company already offers various products for groups that want to secure their blockchain deployments, there will be more of these products in the future, whose aim will be to simplify the security setup of Web3 ecosystems.
Part of the funds raised will go towards building a “single security platform for the entire Web3 world” and other products. Certik’s signature platform, called Skynet, which offers smart contract attack monitoring, had seen revenue growth of over 2,000% as of November 2021.
The company is also putting special emphasis on KYC for the future of the Web3 space. In the press release announcing the new raise, the company declared:
CertiK recently launched its Know Your Customer (“KYC”) and fraud investigation service this year. Certik believes that KYC is the missing link in most competitive offerings to help prevent malicious intent, i.e. swipes, by project owners.
