Elron Ventures is leading an $8 million fundraising round for CyVers, a supplier of cutting-edge proactive Web3 security for centralized, decentralized, and blockchain-based financial and smart contract applications.
CyVers is creating scalable, highly accurate, plug-and-play, agentless systems for detecting suspicious behavior. As a result, CyVers can record transactions in the brief window of time between when they are broadcast and when they are permanently recorded on a blockchain ledger.
These seasoned businesspeople started the company at the beginning of this year. After selling his startup, Presenso, to SKF as founder and CTO, Deddy Lavid went on to serve as CEO of SKF's Israeli subsidiary, where he oversaw a team of hundreds of engineers and dozens of artificial intelligence (AI) products. Lavid is an inventor with eleven patents in the field of automated anomaly detection. Meir Dolev was the Chief Technology Officer (CTO) of an acquired company and then moved on to become the Vice President of Research and Development (R&D).
Meir started working with Deddy in 2020 to help modernize the analytics industry and set up four research and development hubs throughout the world. Customers for CyVers include Bit2C, Solidus Capital, and CoinMama. Eli Bejerano, CEO of Bit2C, praised CyVers for its "excellent alerts about malicious activity
Market liquidity, volatility, and lack of trader confidence have all been issues since the 2020 crypto boom. Of the $3.5 billion in crypto money lost so far this year, 69% came from attacks on cross-chain bridges. Most crypto exchanges, DeFi protocols, and custodians don't find out about fraudulent transactions until after they've been permanently recorded.
To quote CyVers's co-founder and chief technology officer, "our sophisticated monitoring system receives real-time data streams from our cross-blockchain data collection platform." Using machine learning and artificial intelligence, our analytics engine can foresee new types of assaults and recognize malicious actors' patterns of activity.
Exploits of smart contracts, disclosure of secret keys, Flashloans, etc. Once an AI system recognizes the development of an exploit pattern, it issues an alarm, giving personnel ample time to implement the most effective remedy before further exploitation and money laundering can take place.
Elik Etzion, a managing partner at Elron Ventures, predicted that with CyVers, the frequency of assaults would be much reduced, making the crypto economy more secure. As a group, "we are allowing a trustworthy and transparent Web3."
Play audio
No comments