quick shot:

• The seed round of $8 million was led by Elron Ventures.
• CyVers is developing agentless, plug-and-play, scalable and accurate solutions to detect crypto attacks.
• The company was founded earlier this year by entrepreneurs Deddy Lavid and Meir Dolev.

Israeli cybersecurity startup, CyVers, announced today that it has raised $8 million in a seed round led by Elron Ventures, with participation from Crescendo Venture Partners, Differential Ventures, HDI, Cyber ​​Club London and Cyber ​​Future.

CyVers is developing agentless, plug-and-play, scalable and accurate solutions that can capture transactions during the few moments between when a transaction is transmitted and when it is irreversibly recorded on a blockchain ledger.

The initial funds will go towards research and development, as well as future sales and marketing.

Founded earlier this year by seasoned entrepreneurs Deddy Lavid and Meir Dolev, the startup provides Web3 security for CeFi, DeFi, and smart contract applications through real-time detection and interception of crypto attacks on blockchains.

Lavid holds 11 patents in automatic anomaly detection and sold his start-up, Presenso, to SKF as founder and CTO. He later served as CEO of the Israeli subsidiary, where he led hundreds of engineers and dozens of AI products.

Dolev led the startup, Aquallence, as CTO and later served as Vice President of R&D for Reliance Worldwide Corporation, the company that acquired Aquallence. In 2020 he joined Lavid to establish four global development centers in the analytics space.

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

CyVers clients include Bit2C, Solidus Capital, and CoinMama, among others. “Our clients’ profiles require absolute security and CyVers provides excellent alerts on malicious activity,” said Eli Bejerano, CEO of Bit2C.

According to blockchain analytics firm Chainalysis, October was the biggest month this year for hacker exploits, as the running tally for the year hit $3 billion across 125 different attacks.

2/ At this rate, 2022 is likely to overtake 2021 as the busiest year on record. So far, hackers have raked in more than $3 billion dollars in 125 attacks. pic.twitter.com/vgT3pz2iOu

—Chainalysis (@chainalysis) October 12, 2022

As crypto scams become increasingly sophisticated, cybersecurity firms in the blockchain space have raised funds from venture capital firms. In July, blockchain security firm Halborn raised $90 million in a Series A led by Summit Partners.

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