Blockaid Team (company pic)
Blockaid, an Israeli cybersecurity startup, emerged from stealth this week with $33 million in funding from a syndicate of investors in Fintech, Cybersecurity, and web3, including Ribbit, Variant, Cyberstarts, Sequoia, and Greylock. At the same time, fellow Israeli startup PhaseV raised $15 million in funding, led by Viola Ventures and Exor Ventures to develop its causal machine learning (ML) technology.
PhaseV says it is leveraging cutting-edge algorithms such as reinforcement learning and causal ML for adaptive trial design and closed-loop execution, in order to improve trial success rate while maximizing resource and time efficiency. “Our novel methodology and advanced technology also enable the detection of hidden signals in data while analyzing clinical trial results and extracting actionable insights,” boasts the company.
“Our platform excels at uncovering hidden signals in clinical and real world data, enabling us to analyze a multitude of covariates using causal-ML to evaluate the most advantageous next steps and decisions in the clinical development process,” said Dr. Raviv Pryluk, CEO and co-founder of PhaseV. “This investment provides us with the resources to further advance our platform and expand our reach to additional pharma, CRO and biotech companies in Europe and the U.S., bringing new needed treatments to patients.”
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Blockaid was founded by Ido Ben-Natan and CTO Raz Niv in 2022, who served together in Israeli Cyber Intelligence, a renowned training ground for the world’s best cybersecurity founders. Blockaid boasts that its “leading” security tools stop malicious transactions before they happen, protecting web3 users from scams, phishing, and hacks.
Web3 security is the practice of protecting Web3 applications and users from cyber attacks. Web3 is a decentralized internet that uses blockchain technology to enable peer-to-peer transactions and interactions without the need for intermediaries. While Web3 offers a number of advantages over the traditional web, it also introduces new security challenges.
There are a number of initiatives underway to improve Web3 security. For example, a number of blockchain auditing companies have been formed to help identify and fix smart contract vulnerabilities. Additionally, a number of Web3 security tools and services have been developed to help users protect themselves from phishing attacks, wallet hacks, and other threats.
Overall, Web3 security is a complex and evolving topic. However, by following the tips above and staying informed about the latest threats, users can take steps to protect themselves and their assets.
“We’re passionate about web3 because we believe that the potential is enormous. We believe that it will do for value what the internet did for information,” said the Blockaid CEO on the company’s website. “Yet, I often hear web3 builders overstate how web2 is broken and how web3 is the solution. The truth is that today web3 is broken. Fund loss per capita exceeds any other industry — a whopping $14B was stolen last year alone, twice as much as the $7B in direct losses from all non-crypto cybercrime. What’s more, one in ten dApps that people interact with are malicious, so savvy, crypto-native users also fall prey to bad actors.”
