SphereX, a Tel Aviv, Israel-based web3 security company, raised $8.2m in seed funding.
Backers included Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners and other angel investors.
Founded by veterans of IDF’s 8200 unit Eyal Meron and Oren Fine, SphereX is building an on-chain security solution at runtime for smart contracts. The company has just launched SphereX Protect, which defends smart contracts from malicious activity including 0-day exploits, while maintaining the continuity.
Being integrated into the smart contract as a security module, SphereX Protect prevents hackers from exploiting vulnerabilities in the code, thus preventing the damage to begin with. In addition, there is no need to pause the smart contract or implement circuit breakers, since it prevents the malicious activity without interfering with the normal operation of the contract. Furthermore, as an on-chain module the defense it provides is verifiable, continuous and maintains the principles of composability and anti-censorship.
FinSMEs
09/08/2023