Quick take:
- The round was led by Framework Ventures.
- Immunefi claims to have saved more than $25 billion in user funds from being hacked by blackhats and state-backed hackers.
- Some of the projects Immunefi has onboarded include Chainlink, Wormhole, MakerDAO, Compound, Synthetix.
Immunefi, a bug bounty platform for DeFi, today announced that it has raised $24 million in Series A funding led by Framework Ventures, joined by Samsung Next, Electric Capital, and Polygon Ventures.
Launched in 2020, Immunefi launched with the goal to secure Web3 with the biggest bounties and payouts in the software industry that surpass the bounties offered by Silicon Valley tech giants.
The company said that it achieved that goal in Sep 2022 with its pioneering scaling bug bounty standard which led to web3 projects launching on Immunefi with $1 million, $6 million, and $10 million dollar bounties. In comparison, Immunefi found that the largest Web2 bounty came from Apple at $2 million.
Immunefi claims to have paid more than $60 million to white hat hackers, some of whom have made $10 million and above, making web3 bug bounty hunting now a lucrative, full-time career. The company also claims to have saved more than $25 billion in user funds from being hacked by blackhats and nefarious state-backed hackers.
Immunefi is the leading bug bounty platform for DeFi with the world's largest bounties.
— Immunefi (@immunefi) September 22, 2022
We have $135 million in rewards available.
We've paid out more than $60m in big bounties.
We've saved over $25b in user funds.
Follow us to keep updated on bounties and security in Web3.
Some of the projects Immunefi has onboarded include Chainlink, Wormhole, MakerDAO, Compound, Synthetix. The company now leads an army of whitehat hackers, including developers, CTOs, academic researchers, and web2 hackers, who are ready to review code across all timezones to secure the Web3 space and earn an income from it.
With the new funds, Immunefi plans to expand its team to meet the demand for Web3 security and increase accountability and transparency throughout the entire process of bug report to payout, and release new, upgraded versions of its platform.
“Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world”, said Mitchell Amador, Founder and CEO of Immunefi. “By shifting incentives towards whitehats, Immunefi has already saved billions of dollars of users’ funds. Projects across crypto are rapidly realizing that it’s better to use Immunefi than end up publicly begging hackers to return funds or pay ransom. We’re using this raise to scale our team to meet this massive demand”.
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