SphereX, a Tel Aviv, Israel-based web3 security company, raised $8.2 million in seed funding, with investors including Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners, and other angel investors.
The company also launched its advanced security solution for smart contracts, SphereX Protect, which is a decentralized exploit-prevention solution, that integrates into smart contracts, allowing them to operate safely and continuously even under threat or hacking attempts
Being integrated into the smart contract as a security module, SphereX Protect prevents hackers from exploiting vulnerabilities in the code, thus preventing damage to begin with. In addition, there is no need to pause the smart contract or implement circuit breakers since it prevents malicious activity without interfering with the normal operation of the contract.
Furthermore, as an on-chain module, the defense it provides is verifiable, and continuous, and maintains the principles of composability and anti-censorship.
SphereX CEO Eyal Meron said, “The disruptive potential and mass adoption of Web3 depend on users’ trust, who expect a better standard of cyber resilience than currently exists. The existing security landscape is insufficient, and hacking into smart contracts is one of the best returns on investment for leading hacking groups. To change that equation, an innovative, effective, and robust layer of protection is required. That’s SphereX’s mission, and that’s what our solution provides.”
Company: SphereX Technologies Ltd.
Raised: $8.2M
Round: Seed Round
Funding Month: August 2023
Lead Investors: Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners
Additional Investors:
Company Website: https://www.spherex.xyz/
Software Category: Security Solution
About the Company: SphereX is a security service provider company intended to offer on-chain security services at runtime for smart contracts. The company defends smart contracts from malicious activity including 0-day exploits while maintaining continuity, enabling users to prevent hackers from exploiting vulnerabilities and malicious activity without interfering with the regular operation of the contract.
Source: Ronny Hassid