Immunefi Secures USD 24M in Series A

Highlights:

  • Since its launch in December 2020, Immunefi has saved more than USD 25 billion worth of its users’ funds.
  • The platform currently supports 300 projects spanning several crypto sectors, offering USD 135 million in bounties to whitehat hackers.

Immunefi, the leading bug bounty and security services platform for web3, announced that it has raised USD 24 million in a Series A funding round led by Framework Ventures.

Framework Ventures is a venture capital firm known for its early entry into decentralized finance (DeFi) and blockchain gaming. Immunefi is protecting over USD 60 billion in user funds (GameFi).

Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi are some of the other investors who participated in this round of funding.

Immunefi aims to use the current funding to increase its employee strength. According to the company’s CEO, Mitchell Amador, this could mean doubling the current headcount, which stands at 50 people. The fund will also be used to bring transparency and accountability to the report-to-payout process and to fund the development of the next version of its security platform.

Immunefi is web3’s biggest and most widely used bug bounty platform. It is trusted by well-established projects worth billion of dollars, such as Chainlink, Wormhole, MakerDAO, Compound, and Synthetix. It boasts a large community of whitehat hackers who review these projects’ blockchain and smart contract code, find and disclose vulnerabilities and get paid for making cryptocurrency safer.

Depending on the severity of the vulnerability discovered by whitehat hackers, they can earn rewards through Immunefi. This creates an incentive for as many subject matter experts as possible to inspect the source code of certain projects for vulnerabilities.

Mitchell Amador, Founder and CEO of Immunefi, said, “Open code and directly monetizable exploits have made web3 the most adversarial software development space in the world.” He added, “By shifting incentives towards whitehats, Immunefi has already saved billions of dollars of users’ funds. Projects across crypto are rapidly realizing that it’s better to use Immunefi than end up publicly begging hackers to return funds or pay the ransom. We’re using this raise to scale our team to meet this massive demand”.

Since its launch in December 2020, Immunefi has saved more than USD 25 billion worth of its users’ funds and distributed a total of USD 60 million in bounties.

The platform currently supports 300 projects spanning several crypto sectors, offering USD 135 million in bounties to whitehat hackers. Immunefi has also been responsible for facilitating the most significant bug bounty payments in software history. These payments include USD 10 million for a vulnerability discovered in Wormhole, a generic cross-chain messaging protocol, and USD 6 million for a vulnerability found in Aurora, a bridge, and a scaling solution for Ethereum. As a point of reference, Apple offered the most incredible conventional bug bounty worth USD 2 million.

Roy Learner, Principal at Framework Ventures, said, “Our participation in Immunefi’s Series A represents the single largest check our firm has ever publicly written.” He added, “As it stands, Immunefi is by far and away the most widely adopted solution in the crypto security and bug bounties space. We’re excited to see the company scale and amass talent as more and more key projects onboard into their ecosystem.”

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