It only feels like yesterday when we were announcing our B2 round of funding, where CertiK was valued at $1 Billion. Three months later, here we are again, and now we are a $2 Billion company. We are excited to bring on a new set of investors, as well as receive continued funding support from existing ones.
This B3 round of funding was led by Insight Partners, Tiger Global, and Advent International, with participation from Goldman Sachs and existing investors such as Sequoia and Lightspeed. This is the fourth round of capital raised by CertiK in the past nine months, altogether totaling $230 million.
CertiK continues to see strong demand for blockchain security. Last year we witnessed losses totalling $1.3 billion in cryptocurrency due to hacks. It is only month four of 2022 and the estimated losses are over $1 billion so far, as a result of four major bridge attacks (Ronin Network, Wormhole, Qubit Finance, and Meter.io). Both bridge style attacks and flash loans are trending this year, and we predict a lot more incidents of these types this year, further fueling demand for pre-deployment code audits.
We’ve also seen an increase in trend around project scams and rug-pulls. CertiK recently launched its Know Your Customer (“KYC”) and fraud investigation service this year. CertiK believes KYC is the missing link in most competitive offers for helping prevent malicious intent i.e., rug-pulls, by owners of a project. Overall, CertiK’s leaderboard is about enabling transparency for its community, as well as building trust and visibility for the projects that are listed there.
CertiK continues to grow strong on multiple fronts, and shows no signs of slowing down anytime soon. Our products and services continue to show strong demand, supporting an incredible growth of revenue for the company. In 2021, CertiK saw its revenue surge 12x, while its profits surged by 3,000x. Even with the temporary downturn in the crypto market, CertiK’s 2022 Q1, Year-over-Year Web3 security revenue grew by 4x.
CertiK’s growth has already been widely recognized by the industry through a number of awards. In March 2022, CertiK received awards for the CB Insights Blockchain 50 award - listed as the only blockchain security firm, and the Globee Awards - Cybersecurity Global Excellence Award. We are excited to receive these awards and can't wait to be nominated for more awards, hopefully sometime in the near future.
Overall CertiK has gotten off to a great start this year, with more validation for the need of our products and services (given recent hacks), and further endorsements through funds by top-tier investors.
We want to thank everyone for their support, and look forward to sharing more exciting news in the future as we continue on our mission of Securing the Web3 World.