Israeli-based Web3.0 Artificial Intelligence (AI) security company CyVers has secured $8 million in a seed round which was spearheaded by early-stage venture capital firm Elron Ventures.
The fundraiser enjoyed participation from other investors like Crescendo Venture Partners, Differential Ventures, Cyber Club London, Cyber Future, and HDI. The secured funds will be used to promote research and development, and also to boost future sales and marketing.
CyVers is a cybersecurity startup that is focused on Centralized Finance (CeFi), Decentralized Finance (DeFi), and smart contract applications through real-time detection and interception of crypto attacks across blockchains. Precisely, the firm offers its institutional clients in the Web3.0 ecosystem a plug-and-play security solution by placing a demand on domain expertise and geometric machine learning technology.
The company was established at the beginning of this year by two technology industry heavyweights, Deddy Lavid and Meir Dolev.
Lavid, who is known to hold about eleven patents in automated anomaly detection, has formerly led a ton of engineers and AI products. At a time, he sold his startup which was then known as Presenso to SKF. He later became the Chief Executive Officer (CEO) of one of its Israeli subsidiaries.
Dolev on the other hand served as the Chief Technology Officer (CTO) of a startup before later becoming the Vice President (VP) of R&D for the acquirer.
CyVers Revolutionise Security Analytics
Their journey together began two years ago when they collaborated to bring about a revolution in the field of analytics. Together, they were able to organize four global development centers.
“Our analytics engine predicts evolving attacks while autonomously understanding attacker behaviors,” the Co-founder and CTO said Meir Dolev “These include smart contract exploits, private key leakage, Flashloans, etc. Once it detects the evolution of an exploit pattern, the AI system generates alerts while providing enough time to act and the best-known solution, before the exploitation and money laundering progresses.”
A few of CyVers customers are Bit2C, Solidus Capital, and CoinMama.
Almost six months ago, Naoris Protocol generated $11.5 million in a funding round which it planned to use in restructuring the network security of the Web3.0 ecosystem.
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