Gauntlet Network raises $4.3 million in new funding

Gauntlet Network has raised $4.3 million in  a new funding round led by venture firm Paradigm.

First Round, IA and Polychain — existing investors in Gauntlet — also took part in the round, as did Standard Crypto.

Tarun Chitra, founder and CEO of Gauntlet, recently told The Block that the firm developed a system for modeling blockchain governance decisions in the decentralized finance (DeFi) ecosystem.

Essentially, Gauntlet allows startups and project teams to game out and stress test how their protocol decisions will play out in the real world, enabling them to identify and reduce risks ahead of time. The idea, as Chitra during a podcast appearance late last month, is to provide an automated line of input to inform and potentially shape such decisions.

"Today, crypto governance is largely finger in the air protocol parameter selection. Rigorous risk assessment is a major key to making decentralized finance safer and more capital efficient," Paradigm's Arjun Balaji told The Block. "We're excited to partner with Gauntlet, a team on the frontier of risk thinking in crypto. Gauntlet's team is uniquely crypto-native, with deep experience from high-stakes fields like self-driving cars and HFT."

Editor's Note: This report has been updated with additional information, including a new funding amount.