Israeli cybersecurity start-up Ironblocks has raised $7m in a seed funding round to develop a blockchain-based cybersecurity platform.
The funding was co-led by Collider Ventures and Disruptive AI, with participation from investors including ParaFi, Samsung Next, Quantstamp and angel investors like Balaji Srinivasan, former CTO of Coinbase, and Nimrod Lehavi, co-founder of Simplex.
Ironblocks is being founded by Or Dadosh and Assaf Eli, both of whom have prior experience working in the decentralized finance (DeFi) space, including helping to create Bancor, a DeFi staking and trading protocol. The duo's latest venture is aimed at helping crypto companies and protocols to prevent hacks and identify suspicious activity via an automated monitoring and detection system. The detection system is already live, and the company plans to introduce a prevention system in the coming months. The system would examine activity across multiple protocols and applications, instead of assessing them individually, to identify suspicious patterns within the ecosystem.
Ironblocks will use the funds for hiring and building out the product roadmap, with the team currently standing at around 15 people, which Dadosh hopes to double in the coming year.