Why we invested in Ironblocks, a cybersecurity solution for smart contracts
Security is of paramount importance when it comes to decentralized finance (DeFi), and the most vulnerable part of the smart contract process is the code audit. Preventing exploits and security breaches is essential for protecting cryptocurrency transactions and facilitating the growth of web3.
Ironblocks has developed an end-to-end, blockchain-native cybersecurity solution for both B2B and B2C markets that embeds security at every step in the smart contract process, from planning to production. Blockchain is the fundamental transactional mechanism for web3 and DeFi, and reliable security is essential.
Samsung Next invested in Ironblocks because it has developed the tools needed to secure the use of blockchain for storing, sharing, protecting, and owning information and assets. The company’s technology epitomizes the kind of tools that are needed to support web3 projects and applications.
We joined a $7 million Seed round co-led by Collider Ventures and Disruptive AI. Other investors included ParaF, Quantstamp, Balaji Srinivasan, former CTO of Coinbase and former general partner at Andreessen Horowitz; Calvin Liu, chief strategy officer at Eigen Layer; and Nimrod Lehavi, co-founder of Simplex.
The experience and track record of the Ironblocks team was a major factor in our decision to invest in the company. The co-founders are veteran blockchain natives with considerable experience in cybersecurity and DeFi. Or Dadosh, CEO, was previously head of blockchain innovation at Orbs, a blockchain security engineer at eToro, and a blockchain security leader at Bancor. Assaf Eli, CTO, was previously a blockchain consultant for projects on the Ethereum network, part of the core development team that built Bancor, and a technical team lead for Israeli military intelligence.
Ironblocks has a top-notch team with the experience needed to develop a suite of tools that can be used to protect the full spectrum of DeFi applications, from smart contracts to non-custodial wallets, and beyond. The company has created an SDK for web3 development that reflects cybersecurity best practices, and it operates on-chain to automate threat detection and enables DeFi protocols, web3 platforms, market makers, and cross-chain bridges to proactively respond to threats and hackers in real-time.
Ironblocks is engineered to ensure the safety of data and crypto. The automated system includes real-time audit and pen testing, configuration review, anti-abuse monitoring, asset validation, and wallet protection. The platform uses machine learning algorithms to automate threat detection and protection, enabling preventative measures to be taken in milliseconds — instead of hours or days, Users also have access to customizable dashboards, transaction monitoring, threat metrics, and personalized notifications.
We believe that Ironblocks has a viable go-to-market strategy that will enable it to grow by serving DeFi startups, boot camps, launch pads, and foundations. Developers committed to decentralized finance and web3 need protection from threats and hackers. Ironblocks is creating the security required to enable broad adoption of blockchain projects.
Royi Benyossef is investment director at Samsung Next. Samsung Next's investment strategy is limited to its own views and does not reflect the vision or strategy of any other Samsung business unit, including, but not limited to, Samsung Electronics.