CyVers, a leading provider of next-generation proactive Web3 security for centralized and decentralized finance and smart contract applications through the detection and interception of crypto-attacks on blockchains, has announced an $8 million funding led by Elron Ventures. today.

CyVers is developing highly accurate, scalable, plug-and-play, agentless solutions to detect suspicious behavior. This allows CyVers to capture transactions during the few moments between when a transaction is transmitted and when it is irreversibly recorded on a blockchain ledger.

Crescendo Venture Partners, Differential Ventures, HDI, Cyber ​​Club London and Cyber ​​Future join this funding along with Elron Ventures.

The company was founded earlier this year by experienced entrepreneurs. Deddy Lavid, who holds 11 patents in automatic anomaly detection, sold his startup, Presenso, to SKF as founder and CTO and later served as CEO of the Israeli subsidiary, where he led hundreds of engineers and dozens of AI products. . Meir Dolev led a start-up as CTO and later served as Vice President of R&D for the acquirer.

In 2020, Meir joined Deddy to revolutionize the analytics space and establish four global development centers. CyVers has already secured clients such as Bit2C, Solidus Capital, and CoinMama, among others. “Our customer profiles require absolute security, and CyVers provides excellent alerts on malicious activity,” said Eli Bejerano, CEO of Bit2C.

Since the cryptocurrency rush of 2020, the market has struggled with liquidity, volatility, and a lack of trader confidence. This year alone, cross-chain bridge hacks accounted for 69% of total crypto funds stolen, amounting to $3.5 billion in losses to date. In 98% of cases, crypto exchanges, DeFi protocols, and custodians are not alerted about fraud until after it has been immutably recorded.

“CyVers’ platform collects cross-blockchain data and feeds it to our sophisticated monitoring system,” said Meir Dolev, co-founder and CTO. “Our analytics engine predicts evolving attacks while autonomously understanding attacker behaviors.”

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“These include smart contract exploits, private key leaks, Flashloans, etc. Once an evolving pattern of exploitation is detected, the AI ​​system generates alerts while providing sufficient time to act and the best-known remedy before exploitation and money laundering progresses. ”

Moving away from blacklisting, code auditing and fund tracing, CyVers identifies cyberattacks and takes corrective action in milliseconds.

“We looked at a lot of teams in the web3 cybersecurity space. We feel privileged to partner with Deddy and Meir, second-time entrepreneurs combining blockchain security expertise with graphical neural networks and DeFi trading.

CyVers will drastically reduce the number of attacks and provide a more secure crypto-economy,” said Elik Etzion, Managing Partner at Elron Ventures. “Together, we are enabling a world of trusted and transparent Web3.”

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