Israeli Cybersecurity Startup CyVers Raises $8M to Provide Security for Web3 Applications

Quick take:

• The $8 million seed round was led by Elron Ventures.
• CyVers is developing agentless, plug-and-play, scalable, and accurate solutions to detect crypto attacks.
• The company was founded earlier this year by entrepreneurs Deddy Lavid and Meir Dolev.

Israeli cybersecurity startup, CyVers, today announced that it has raised $8 million in a seed round led by Elron Ventures, with participation from joined by Crescendo Venture Partners, Differential Ventures, HDI, Cyber Club London, and Cyber Future.

CyVers is developing agentless, plug-and-play, scalable, and accurate solutions that can capture transactions during the few moments between the time a transaction is broadcasted and when it is registered irreversibly to a blockchain ledger.

The seed funds will go towards research and development as well as sales and marketing in the future.

Founded earlier this year by experienced entrepreneurs Deddy Lavid and Meir Dolev, the startup provides Web3 security for CeFi, DeFi and smart contract applications via real-time detection and interception of crypto attacks across blockchains.

Lavid holds 11 patents in automated anomaly detection, and sold his start-up, Presenso, to SKF as founder & CTO. He later served as the CEO of the Israeli subsidiary, where he led hundreds of engineers and dozens of AI products.

Dolev led startup, Aquallence, as CTO and later served as VP of R&D for Reliance Worldwide Corporation, the company that acquired Aquallence. In 2020 he joined Lavid to establish four global development centres in the analytics space. 

“CyVers’ platform collects cross-blockchain data, streaming it to our sophisticated monitoring system,” said Meir Dolev, Co-founder & CTO. “Our analytics engine predicts evolving attacks while autonomously understanding attacker behaviours. These include smart contract exploits, private key leakage, Flashloans, etc. Once it detects the evolution of an exploit pattern, the AI system generates alerts while providing enough time to act and the best-known solution, before the exploitation and money laundering progresses.”

CyVers’ customers include Bit2C, Solidus Capital, and CoinMama, among others. “The profiles of our customers require absolute security, and CyVers provides excellent alerts about malicious activity,” said Eli Bejerano, Bit2C CEO.

According to blockchain analytics firm, Chainalysis, October was the biggest month this year for hacker exploits as the running tally for the year hit $3 billion across 125 different hacks.

2/ At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks. pic.twitter.com/vgT3pz2iOu

— Chainalysis (@chainalysis) October 12, 2022

As crypto scams become increasingly sophisticated, cybersecurity firms in the blockchain space have raised funds from VC firms. In July, blockchain security firm, Halborn, raised $90 million in Series A led by Summit Partners.

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