Web3 cybersecurity provider GoPlus Security has announced a Series II+ private funding round that’s attracted a host of leading Venture Capitalists. A total of $4M was raised to support the company’s goal of enhancing Web3 user safety, making the industry easier for beginners as well as more experienced players to navigate.
Having initially received capital from Binance Labs in 2022, GoPlus has secured follow-on funding that will enable it to build out its suite of defensive tools for Web3 users. The company has developed a raft of solutions designed to mitigate the threats that are faced when transacting onchain. The Series II+ attracted further capital from SevenX Ventures, with Redpoint China Ventures, Avalanche, and Crypto.com also participating.
Bringing Trust to Web3
It’s long been recognized that for mass adoption of Web3 technology to occur, the industry needs to be easier to enter and safer to navigate. Due to the irreversible design of blockchain transactions, however, coupled with the prevalence of hackers and exploiters, the industry remains a perilous place for the uninitiated, while even experienced users are never more than a moment’s inattention away from losing funds.
Making Web3 safer calls for better tooling across the board, fortifying every piece of the tech stack to make it impregnable to attack while enhancing UI/UX to mitigate user error. GoPlus Security harnesses AI to provide security monitoring which supports real-time threat detection. From tokens to NFTs and smart contracts, GoPlus is on a mission to strengthen it all.
While consumers are its target market, reducing the prevalence of Web3 hacks and exploits will also enhance the industry in the eyes of institutions that may be eyeing an entry. One of the biggest barriers to TradFi adoption is the level of risk currently prevalent, which has slowed adoption of emerging verticals such as tokenized Real World Assets (RWAs).
Security as a Service
The products GoPlus has developed thus far can be primarily bundled into X as a Service, including Risk as a Service which is available on layer2 networks such as zkSync, Manta, and Scroll. More than 20 blockchain networks are supported by the web3 cybersecurity firm with more set to be added.
One of the next products scheduled for release is SecWareX, which promises a customizable onchain security solution. It, along with other consumer-facing products under development, will be powered by the GoPlus token which enables users to unlock access to security products.
Investors appear to have been impressed by the growth GoPlus Security has recorded over the past 12 months, demonstrating clear product-market fit and robust demand for its services. Its security data infrastructure has grown 5,000x in this time and the company now fields 21 million API calls a day.
With funding for further development in place, GoPlus is on a mission to grow market share and establish itself as the preeminent security provider for web3
