In a seed fundraising round, Sec3, a blockchain security company that offers smart contract auditing among other services, raised $10 million.
Sanctor Capital and Essence VC also invested, with Multicoin Capital serving as the round’s lead investor, Sec3 reported on Tuesday. In addition, a number of angel investors participated in the round, including Anatoly Yakovenko, co-founder of Solana, and former ParaFi Capital partner Santiago Santos.
According to an interview with Sec3 co-founder and president Chris Wang, Multicoin Capital has a seat on the board as a result of the agreement. Sec3 raised money for the seed round in February of last year and closed it in April, but Wang said the company didn’t decide to publish it until now because it was too busy making products at the time.
Today, Sec3, previously Soteria, is also making its wares available to the public. The firm solely served private clients up until this point. Launch Audits, X-Ray, CircuitBraker, and WatchTower are four products from Sec3 that can be used at any stage of a project. We are the only audit company that offers security solutions prior to, during, and beyond the launch of projects on Solana, according to Wang.
Ecosystem of Solana
Only projects in the Solana ecosystem are currently served by Sec3, which counts Helium Network, Metaplex, and Tulip as its customers. According to Wang, the company has ambitions to soon diversify into additional blockchains like Aptos, Sui, Ethereum, and Polygon.
Wang responded that crypto is still in its infancy and that there is “enough opportunity for multiple companies to build” when asked if it was too late to introduce Sec3 in the already crowded smart contracts audit industry.
Projects can use Sec3’s Launch Audits tool to determine whether their smart contracts are prepared for mainnet launch. To avoid future weaknesses, its X-Ray product continuously examines smart contracts. On the other hand, WatchTower keeps an eye out for fraudulent conduct in on-chain transactions. Additionally, its CircuitBraker solution collaborates with WatchTower to quickly identify and stop suspicious activity.
Sec3 intends to use the additional funding at hand to continue developing and enhancing its products. To that aim, Wang stated that the company plans to hire personnel in the engineering and business development fields in order to quadruple its existing team of 15 individuals by the end of this year.
In the future, Sec3 intends to introduce its own coin in order to decentralize its operations.
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