Israeli blockchain security startup Redefine has raised $11 million in a Seed round at a $50 million valuation.
The seed round was led by Palo Alto’s Ribbit Capital, with Jump Capital and ParaFi Capital joining.
Ribbit Capital has made early investments in startups like Coinbase, Robinhood, and Chainalysis. US-based ParaFi Capital and Jump Capital both invest in early-stage Blockchain-centric companies.
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This fundraising follows a $3 million pre-seed round led by More VC and Accomplice Blockchain in June of last year. They joined Redefine early on, bringing a mix of cyber and blockchain skills.
Redefine was founded in June 2021 by CEO Shira Brezis, and CTO Alon Ram. Shira holds a Ph.D. in Law and Economics from the University of Chicago. Alon earned his Master’s in Biomedical Engineering from the Technion-Israel Institute of Technology,
They both worked for the Israeli government and accumulated over a decade of cybersecurity experience. The two meet first in 2018 in the then newly-established innovation department.
With their already extensive knowledge base in cryptocurrencies and digital asset technology, they joined forces and founded the FinTech Labs, integrating their capabilities in crypto into professional careers for the first time.
Redefine is a pioneer in Defi security for institutional investors. Like the verb DEFY, this emerging industry challenges old finance and presents new opportunities. This opens the door for users to earn high yields on their crypto assets, take out loans, trade derivatives and provide liquidity.
Redefine has developed a smart platform that automatically analyzes risk, monitors market developments in real-time and safeguards capital in the event of a cyber attack.
Over $100 billion is being utilized by various DeFi protocols. With this much money at stake, it’s no surprise that hundreds of sophisticated breaches and cyber attacks have taken over $12 billion from investors.
Investors may deploy cash into the latest initiatives and manage the risks connected with their positions in a scalable manner by automating due diligence and risk monitoring operations that are now performed manually.
Redefine stated it already has high-profile digital asset partners like Israeli unicorn Fireblocks. Redefine is also working directly with beta customers like Celsius Network, an Israeli company, to refine and focus its service.
Dr. Shira Brezis, co-founder and Redefine’s CEO explains: “Creating a safe environment is critical for the development and adoption of DeFi.
“By promoting equal access to financial services for all, DeFi is a powerful movement towards democratizing the global economy and the latest step in the implementation of blockchain ideology. It removes the autonomy held by centralized third parties to decide what products and services are available and to whom. The idea is that anyone in the world can participate and all that is required is an internet connection and a digital wallet”.
The company has 14 employees, many of whom served in elite IDF technological units. This round’s money will be used to hire top people for their Israeli and US offices, expand research and development, and produce a solid product for their consumers.
