- Binance Labs led the undisclosed pre-seed round as part of its strategy to ramp up security in web3.
- Ancilia is one of the companies looking to offer automated real-time threat detection and protection SaaS to web3 projects.
- Yi He, Co-Founder of Binance and Head of Binance Labs said enhancing security and protection will boost the wider adoption of web3.
Binance Labs the venture investment arm of crypto exchange platform Binance has invested in web3 security startup Ancilia. The company said the undisclosed funding is part of its strategy to accelerate the mass adoption of web3 technology.
Ancilia is one of the security firms looking to boost security in web3. The company provides automated real-time threat detection and prevention Software-as-a-Service (SaaS) products for web3 projects.
Commenting on his company’s leading role in fundraising, Yi He, Co-Founder of Binance and Head of Binance Labs, said: “We are still in the early years of the Web3 industry. To facilitate wider adoption of Web3 technology, prioritizing security and user protection are paramount. At Binance Labs, we are on the continued lookout for projects that offer innovative security solutions. Founders of these projects understand the importance of building a safe and sustainable ecosystem for users, and we are ready to support them.”
Ancilia’s threat detection platform leverages both on-chain and off-chain data to provide an in-depth analysis of potential threats to projects.
Binance’s key investment comes at the back of another major web3 player The Sandbox, which hired web3 security firm BrandShield to protect projects and users on its metaverse platform.
On the other hand, Axie Infinity enhanced its security firewall by leveraging the services of the bot-screening tool, GeeTest. Axie was exploited for $625 million in March after hackers breached its Ethereum bridging protocol Ronin.
Overall, web3 companies have already lost close to $1.5 billion to hackers and related fraud. In a report published by Elliptic, collectors lost more than $100 million in NFT scams, with criminals using the popular crypto-mixing platform Tornado Cash.
Ancilia uses decoders to monitor various protocols, which then generate signals that can be used for machine learning to further improve the efficiency of the system.
Huagang Xie, CEO/Co-Founder of Ancilia, Inc. and former SVP at Palo Alto Networks, said: “At Ancilia, we believe in a future where there is a secure Web3 world for everyone to participate in. It is our mission to protect such a world by building the most effective and easy-to-adopt security solutions. We are very pleased to have Binance Labs as our investor and strategic partner to support us achieve our goal and mission.”
The startup plans to use the funds raised to expand its team while broadening the use cases for its threat detection engine.
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