Israeli blockchain security startup raises $11M to develop crypto firewall
“Creating a safe environment is critical for the development and adoption of DeFi,” says Redefine’s CEO
Redefine, an Israeli blockchain security startup, has raised an $11M seed round based on its offering to develop a comprehensive Crypto Firewall.
Founded in June 2021, Redefine operates in the heart of the fast-growing blockchain sector of Decentralized Finance (DeFi). The company caters to institutional investors in order to help them manage investment risks through a smart platform that automatically analyzes risk, monitors market changes in real time, and proactively protects capital in the event of a cyber attack.
Emphasis is placed on automating due-diligence and risk-monitoring processes that are usually performed manually today, allowing investors to deploy capital into the latest projects and to monitor the risks associated with their positions in a scalable manner.
At the time of writing, there is over $100B being utilized by various DeFi protocols. With this amount of money at play, it is no surprise that so far, more than $12B have been stolen from investors through dozens of sophisticated hacks and cyber attacks.
According to the company, it has already secured high-profile partners across the digital asset spectrum, such as Fireblocks. Redefine is also working closely with a number of prominent beta customers, such as Celsius Network, to iterate and focus their offering to ensure maximum value is provided to the market.
“Creating a safe environment is critical for the development and adoption of DeFi,” says Dr. Shira Brezis, Redefine co-founder and CEO.
“By promoting equal access to financial services for all, DeFi is a powerful movement towards democratizing the global economy and the latest step in the implementation of blockchain ideology.
“It removes the autonomy held by centralized third parties to decide what products and services are available and to whom. The idea is that anyone in the world can participate and all that is required is an internet connection and a digital wallet”.
The seed round was led by Palo Alto-based Ribbit Capital, with participation from Jump Capital and ParaFi Capital at a valuation of $50M, and comes in addition to a pre-seed round of $3 million raised in June of last year, led by More VC and Accomplice Blockchain, who also participated in the current round.
The company currently employs 14 people, many of whom served in elite IDF technology units. The funds raised in this round will contribute to recruiting top talent for the Israeli and US offices, furthering research and development efforts, and building out a robust product that can serve their customers’ needs.