Collider Ventures co-lead $7M round in Ironblocks
We are thrilled to finally announce that Collider Ventures co-led together with Disruptive AI a $7M fundraising round in Ironblocks — a cyber solution that protects smart contracts with a tailor-made coverage suite. Additionally, Samsung Next, ParaFi, Quantstamp, and angel investors such as Balaji Srinivasan, Calvin Liu and Nimrod Lehavi also participated in the round.
Why we invested
In the last couple of years, it has become clear that web3 needs robust defense mechanisms. The number of hacks has skyrocketed and exacerbated a surging demand by protocols and users to get protected from these risks. In 2022 alone, more than $3.8b were stolen in 198 different hacks.
Blockchains and their immutability characteristics make them the perfect target for hackers and so far the solutions in the market aren’t really addressing or solving these issues. Audits are currently the most prominent solutions used by protocols but the fact that >90% of the hacked protocols were audited by top firms just shows that the current solutions are inadequate.
Having a safe web3 ecosystem is an essential precondition to onboard the next billion users. We believe that while current crypto-users are risk-seeking, the hacks and exploits act as scarecrows and severely hamper the onboarding of new users into the industry.
Moreover, we believe the demand for security will be ubiquitous in the next couple of years — and we are thrilled to welcome Ironblocks into our safety focused portfolio composed of Forta, Nexus Mutual, Hats Finance and several other solutions still under stealth.
What is Ironblocks in a nutshell
Ironblocks aims to stem the tide with a novel smart contract-based security solution that operates on-chain to automate threat detection and enable DeFi protocols, Web3 platforms, market makers, and cross-chain bridges to proactively take immediate action to stop hackers in real time to secure funds before they are funneled into hackers’ wallets.
Ironblocks is based in Tel Aviv, and was co-founded in 2022 by Or Dadosh and CTO Assaf Eli, veteran software engineers and blockchain natives with experience in cyber security and in DeFi, having been part of the team responsible for creating Bancor, and securing more than $300 million in total value locked (TVL).
