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Published On: Thu, Aug 10th, 2023

Web3 Security Startup Cube3.ai Raises $8.2M Seed Funding, Focuses on Smart Contract Protection

Cube3.ai, a security startup with a focus on safeguarding smart contracts by preventing malicious transactions, has emerged from stealth mode after securing $8.2 million in seed funding. The funding round was led by Blockchange Ventures and included participation from Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB, and TA Ventures.

The emergence of Cube3.ai comes in response to periodic attacks on public blockchain systems and decentralized finance (DeFi), which have made the sector a prime target for hackers and cybercriminals. The financial incentives for malicious actors in the cryptocurrency realm often exceed those in the traditional Web2 world. Cube3.ai’s founder and CEO, Einaras Gravrock, who has a background in building Web2 security platforms, was inspired to develop a system that goes beyond basic code audits and post-attack alerts.

Using machine learning and pattern matching, Cube3.ai assigns a risk score to newly deployed smart contracts. Cybercriminals frequently deploy new contracts that quickly propose malicious transactions against target contracts. Cube3.ai’s system provides a short window to evaluate these new contracts for any signs of malicious intent. Gravrock likened the system to a “guardian angel” watching over contracts and applications, allowing them to continue processing legitimate transactions while rejecting potential exploits.

The funding received by Cube3.ai reflects the growing importance of security solutions in the Web3 ecosystem, where innovation is often accompanied by new security challenges. This startup’s approach aims to enhance the protection of smart contracts and applications against the evolving landscape of cyber threats.

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