CertiK raises additional $60 million from SoftBank and Tiger Global

Quick Take

  • CertiK adds $60 million to its coffers amid an increase in crypto hacks.
  • Still, a CertiK audit is not an “endorsement that a project is safe” from hacks, co-founder Ronghui Gu said.

Blockchain security firm CertiK raised an additional $60 million just two weeks after it announced an $88 million Series B3 round at a $2 billion company valuation. 

The new round is an extension of the Series B3 round because there was demand from investors, CertiK co-founder Ronghui Gu told The Block. "Series B3 is oversubscribed. Considering the enthusiasm of investors, we managed to facilitate this extension," he said.

SoftBank Vision Fund and CertiK's existing investor Tiger Global are the only two backers involved in the extension round, Gu said. It was SoftBank's first investment in a blockchain security firm, according to CertiK.

CertiK's valuation has doubled in just three months as an increase in crypto hacks has underlined the need for security.

So far this year, more than $1 billion in crypto has been lost amid major DeFi hacks, including the Ronin Network and Wormhole. Still, attacks have occurred even after projects have been audited by firms like CertiK.

Audit is not a 'certificate'

Gu said that an audit by CertiK is not a "certificate" or an "endorsement that a project is safe" from hacks. It is just a report of vulnerability findings with recommendations.

THE SCOOP

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