Certora, an Israel-based company that provides security analysis tools for smart contracts, announced it has raised $36 million in a Series B round led by Jump Crypto.
The round featured participation from Tiger Global, Galaxy Digital and existing Series A investors, including Electric Capital, ACapital, Framework Ventures, Coinfund, Lemniscap, Coinbase and VMware, according to a statement on Tuesday.
Certora enables smart contract developers to detect mistakes before deploying code post audits. DeFi protocols including Aave, Balancer, Compound Finance, MakerDao, Sushi and others use Certora to protect their smart contracts from bugs before launch as a final checkpoint after a code audit is complete, the statement said.
The company says it secures about $50 billion in decentralized finance (DeFi) projects with techniques similar to those used for safety-critical programs such as avionics software. Certora’s technology was developed through two decades of academic research in formal verification and programming languages.
Saurabh Sharma, partner and head of investments at Jump Crypto, said: “Powered by world-class experts, Certora leverages formal verification to employ a suite of scalable and robust products that offer much higher reusability and granular testing."
Certora is led by Shmuel Sagiv, computer science chair at Tel Aviv University and a pioneer of formal verification, the research field that powers the technology behind Certora.
Certora’s team of 65 people has extensive mathematics and security experience and includes lecturers from Cornell and the University of Washington, as well as security engineers from traditional financial firms like JPMorgan.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.