Quick take:
- Hypernative has emerged from stealth with a $9 million funding round led by Boldstart Ventures.
- The seed round also attracted participation from Blockdaemon, Alchemy, Borderless, CMT Digital, and Nexo.
- Hyperactive is building a web3 security tool that detects threats early to prevent phishing and scam in crypto.
Hypernative has emerged from stealth with a $9 million funding round led by Boldstart Ventures. The seed round also attracted participation from Blockdaemon, Alchemy, Borderless, CMT Digital, and Nexo, with several angel investors also involved.
Hyperactive is a web3 startup specialising in crypto security. The company is building a blockchain infrastructure tool that detects threats early to prevent phishing and scam in crypto.
Hypernative was co-founded by Gal Sagie and Dan Caspi in 2022 amid rising concerns about crypto money being lost through phishing and scam.
Speaking to TechCrunch on Monday, CEO Gal Sagie said: “We created Hypernative early last year when we saw huge amounts of money getting stolen or phished or scammed in crypto. We saw huge gaps between tools that existed and money being invested, so we wanted to create something to help prevent [attacks].”
Both co-founders have previously worked in top tech companies including Google, IBM and Microsoft, and have backgrounds in cloud infrastructure and web security.
Hypernative is being built on a strong foundation after last September the co-founders launched Pre-Cog, a platform that monitors both on-chain and off-chain data sources to predict cyber threats before they occur.
Hypernative connects its threat detection tool to customer workflows allowing its clients, which range from asset managers, hedge funds, traders and market makers to securely interact with blockchains and protocols.
“We’re doing detection beforehand,” Sagie noted. “A lot of incidents alerted [users] within minutes or hours before an attack happened so we’ve helped prevent attacks through alerts.”
In 2022, the crypto market lost more than $3.7 billion to hackers and phishing scams, highlighted by Axie Infinity’s Ronin bridge attack that saw $625 million stolen by the North Korean hacker group Lazarus.
Although Axie’s bridge attack occurred in April, the biggest quarterly losses were realised in the fourth quarter, where a total of $1.62 billion was lost across 55 attacks, according to TechCrunch. This serves to show that hackers are ever vigilant always looking to exploit vulnerabilities in the system regardless of market conditions.
“From my experience hackers don’t sleep,” Sagie said. “They don’t care if it’s a bull market or bear market. Where there’s money and opportunities, they go.”
Hypernative has detected 270 exploits to date, according to information on its website, with $14 billion in funds saved from attacks. The platform is currently monitoring $37 billion in funds.
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