Cybersecurity for crypto firm Octane has announced a $6.75 million seed round as it emerges from stealth mode.
Winklevoss Capital and Archetype led the funding round. Other investors include Gemini, Circle, Legion Capital, Druid Ventures, Duke Capital Partners, and strategic angels Balaji Srinivasan, Sina Habibian, and others.
Octane said it will use the funds to increase product development, expand its team, mass label vulnerability data, and promote its product to crypto developers.
Octane is an AI cybersecurity firm that leverages machine learning to highlight and fix vulnerabilities. As hacks and frauds are prevalent in the crypto-sphere, Octane sees a significant market opportunity.
Octane is said to continuously analyze on-chain smart contracts with AI-powered tools for proactive threat detection and bug fixes.
Octane CEO Giovanni Vignone believes that flaws in blockhcain enables billions in thefts and vulnerable smart contracts create a vector for more attacks.
“Octane’s AI continuously scans codebases, empowering developers with proactive threat detection and one-click fixes throughout the entire development lifecycle—eliminating vulnerabilities before attackers can exploit them.”
Tyler Winklevoss sees smart contract vulnerabilities as one of the biggest challenges for the crypto sector.
“Octane allows devs to battle-test their smart contract code with AI-powered security testing before it hits production on the blockchain. This is huge for devs, companies, and mainstream crypto adoption.”