Web3 security firm Hypernative has raised $40 million in a Series B funding round, co-led by Ten Eleven Ventures and Ballistic Ventures. The company announced that it will use the new funding to expand its team and improve its AI-based transaction monitoring tools that focus on fraud prevention and wallet protection.
Focus on Real-Time Threat Detection
Hypernative offers security tools powered by artificial intelligence that detect and prevent threats in real time. The platform uses advanced detectors, transaction simulators, and analysis of both on-chain and off-chain data.
According to the company, it currently protects over 200 web3 projects, helping secure assets worth more than $100 billion. In the past year alone, the firm identified more than $2.2 billion in losses caused by phishing, hacks, and other types of fraud.
The recent Bybit exploit, which resulted in a $41.4 billion loss in February, has drawn more attention to the growing risk of cyberattacks in the web3 space. Hypernative’s tools aim to reduce such risks by offering preventive security measures rather than reactive solutions.
A Fast-Growing Security Startup
Hypernative publicly launched in January 2023 following a $9 million seed round led by Boldstart Ventures. The company then raised $16 million in a Series A round in September 2023. Investors in previous rounds included Blockdaemon, Alchemy, Quantstamp, Borderless, and Nexo.
The latest Series B round, which also saw participation from StepStone Group, Quantstamp, Boldstart, and IBI Tech Fund, brings Hypernative’s total funding to over $65 million.
CEO and co-founder Gal Sagie explained that while web3 is gaining more structure and attracting institutional interest, security is still one of the biggest hurdles.
He emphasized the importance of earning user trust by strengthening protection at the infrastructure level. Sagie noted that Hypernative’s mission is to provide the kind of security needed to make blockchain systems safer for developers, users, and enterprises.