The round also saw participation from Cyberstarts, Sequoia Capital and Greylock Partners.

The New York and Tel Aviv-based company said it would use the funding to scale its product, customer base and team to address the industry’s security challenges, which it described as “never-ending” in an emailed announcement on Monday.

Blockaid offers a security layer that can scan every transaction from a wallet or interact with a decentralized app (dApp) or a smart contract and is compatible with any blockchain network. The firm claims to have scanned 450 million transactions, thwarted 1.2 million malicious transactions and safeguarded $500 million in user funds that would have been otherwise compromised in the last three months alone.

Nearly $700 million was lost across 184 incidents in Q3 of 2023, more than the entire first half of the year ($633 million), according to blockchain security firm Certik, highlighting the scale of the challenge in tightening security for Web3 projects and applications.

Read More: DraftKings’ Billionaire-Backed Crypto Analytics Firm CoinScan Raises $6.3M