DeFi bug bounty platform Immunefi raises $5.5 million in seed funding

Quick Take

  • DeFi bug bounty platform Immunefi has raised $5.5 million in seed funding.
  • The platform is looking to build “the most elite emergency response team in the industry,” CEO Mitchell Amador told The Block.

Immunefi, a crypto startup that helps DeFi protocols launch bug bounty programs on its platform, has raised $5.5 million in a seed funding round.

Electric Capital and Blueprint Forest co-led the round, with Framework Ventures, Bitscale Capital, IDEO Colab, The LAO, BR Capital, and North Island Ventures, also participating, among other investors.

This was an equity funding round and will help Immunefi scale its operations, founder and CEO Mitchell Amador told The Block.

"We will continue acquiring cutting-edge security tech and building the most elite emergency response team in the industry," said Amador. "We are especially interested in building vulnerability prediction technology and hacker tooling that makes it easier and easier to find vulnerabilities."

Founded last year, Immunefi is a vulnerability coordination platform that connects DeFi protocols with whitehat hackers. It competes with traditional platforms like HackerOne and Bugcrowd, but is focused on the needs of the DeFi sector, which is vulnerable to hacks and attacks.

According to The Block's Data Dashboard, DeFi attackers have stolen over $400 million in funds to date. Amador said Immunefi has helped discover over 3,500 vulnerabilities to date, preventing over $2 billion worth of hacks.

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