Web3 and Blockchain firm, Certik is valued at $2 billion

Web3 and Blockchain firm, Certik is valued at $2 billion

 

Certik, a Web3 and blockchain auditing and security firm, has raised $88 million in its most recent B3 funding round. This round was led by Tiger Global and included Goldman Sachs as an investor in the firm, and it gave the company a valuation of $2 billion. This doubles the valuation that Certik reached via its last funding round in November 2021.

Certik, a blockchain auditing firm, has closed its Series B3 financing round with a significant increase in investments. The company raised $88 million, with Tiger Global, Insight Partners, Advent International, and with the participation of Goldman Sachs and other current investors.

With this funding round, the company has managed to reach a valuation of $2 billion, doubling the numbers it obtained in its Series B2 funding round in November 2021, which gave it a valuation of $1 billion.

Regarding how the company has managed these funding rounds and their successes, Ronghui Gu, founder and CEO of Certik, told Techcrunch:

'We have raised four rounds in the past nine months and the valuation has grown more than 10 times. We haven’t touched any money in the past four rounds. The money is in the bank and the reason is because Certik is a profitable business.'

The firm attributes this growth to the importance that blockchain security and pre-deployment audits have taken on now that there have been massive hacks and exploits involving bridges, like the one that Sky Mavis’ Ronin Network faced recently. In total, more than $1 billion has been lost in these attacks.

While the company already offers various products for groups that want to secure their blockchain deployments, there will be more of these products in the future, whose aim will be to simplify the security setup of Web3 ecosystems.

Part of the funds raised will go to the construction of "a one-stop security platform for the entire Web3 world," and other products. Certik’s signature platform, called Skynet, which offers surveillance for attacks on smart contracts, had reported revenue growth of more than 2,000% by November 2021.

The company is also putting special emphasis on KYC for the future of the Web3 space. In the press release announcing the new raise, the company declared:

‘Certik recently launched its Know Your Customer ("KYC") and fraud investigation services this year. Certik believes KYC is the missing link in most competitive offers for helping prevent malicious intent, such as rug-pulls, by owners of a project.’