Cyvers raises $8 million to bring security solutions to web3 companies

Israel-based cybersecurity startup Cyvers raised $8 million in a seed round led by Elron Ventures. Other backers include Crescendo Venture Partners, Differential Ventures and HDI. 

Cyvers offers plug-and-play security solutions to a range of web3 companies through leveraging domain expertise and geometric machine learning technology to enable real-time detection of security issues.   

Customers of the platform include Bit2C, Solidus Capital and CoinMama, according to a release. 

“Our analytics engine predicts evolving attacks while autonomously understanding attacker behaviors,” said Meir Dolev, Co-founder & CTO. “These include smart contract exploits, private key leakage, Flashloans, etc. Once it detects the evolution of an exploit pattern, the AI system generates alerts while providing enough time to act and the best-known solution, before the exploitation and money laundering progresses.” 

The startup was co-founded by Dolev and Deddy Lavid in February. The equity fundraise closed in October, said Lavid in a statement to The Block. The funds from the raise will be put toward research and development, as well as to boost sales and marketing in the future, Lavid added.

Several web3 cybersecurity firms have received backing from venture capital firms as of late, such as fraud detection platform Sardine’s $52 million raise and crypto firewall provider Blowfish’s $11.8 million raise.

This comes as the industry grapples with several high-profile hacks. Blockchain analytics firm Chainalysis estimates that this year will be the biggest year for hacking on record.