Cyvers founders (company pic)
CyVers, an Israeli cyber security startup that develops proactive Web3 security for smart contract applications via detection and interception of crypto attacks across blockchains, raised $8 million in funding led by Elron Ventures. Smart contracts are defined as programs stored on a blockchain that run when predetermined conditions are met. Web3 is a new form of the World Wide Web intended for better engagement in blockchain technologies, and token-based economics.
Founded by Deddy Lavid, CEO, and Meir Dolev, CTO, CyVers is a provider of a proactive Web3 Security platform for the centralized, decentralized finance and smart contract applications working via detection and interception of crypto attacks across blockchains. CyVers identifies cyber-attacks and carries out corrective measures within milliseconds, moving away from blacklists, code auditing, and fund tracing.
Cyber security is more important than ever. Hackers are not only motivated by money or politics. They often just like being malicious. So even small companies need to be on their guard and be sure to properly protect their systems.
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But CyVers specializes in cryptos, something that just may very well be a dead platform in the very near future. Just think about what happened last month with the crash and burn of FTX, Sam Bankman-Fried’s crypto company.
People who have blockchain/crypto currencies may still need to be concerned with hackers stealing their virtual money, but the numbers of these people are clearly going to get fewer and fewer. But it is the technology that is important here and this is what investors might see as the real value in CyVers: Even if the whole Crypto market dies out the company’s tech could still be applied to other areas.
“CyVers’ platform collects cross-blockchain data, streaming it to our sophisticated monitoring system,” said Meir Dolev, Co-founder & CTO. “Our analytics engine predicts evolving attacks while autonomously understanding attacker behaviours. 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.”
