Valid Network, a platform designed to protect enterprise-grade blockchain business applications, has raised $8 million in seed funding led by Ten Eleven Ventures, a US-based cybersecurity venture capital firm.
Valid Network announced the news in a press release published on Tuesday, July 14th. The first investor of Valid Network, Jerusalem Venture Partners, also participated in the round. The raised capital will be used to fuel further research and development of Valid Network’s solution and increase its engineering and research teams in Israel. The company will also open an office in New York City.
Under the terms of this funding, Mark Hatfield, co-founder & general partner at Ten Eleven Ventures, has joined the company’s board of directors.
According to Valid Network, some perceive that blockchain technology is already secure, but this is not the case. With the increased use of DLT, new threats, and vulnerabilities are also emerging on the scene. So the businesses require a new kind of solution to allow them to adopt blockchain technologies with confidence. Here, Valid Network comes into play.
Valid Network, founded in 2018, is the first company to develop a security platform for decentralized applications. The company provides an AI-powered, protocol-agnostic, and fully automated solution for protecting enterprise-grade blockchain business applications. The platform is currently securing Ethereum, Hyperledger Fabric, Quoram, Tron blockchains.
Kfir Nissan, co-founder & CEO of Valid Network, said:
“We built Valid Network on the vision that blockchain-based technologies will open a whole new world of possibilities for businesses globally, unleashing new efficiencies and ways of working. Valid Network will enable safer and faster adoption of these revolutionary technologies for the benefit of organizations and consumers worldwide. We are thankful for the vote of confidence by our investors, and plan to work hard to fulfill our ambitious plans and make Valid Network into a sustainable, thriving company that brings tangible value to its customers.”
Valid Network further said that the COVID-19 pandemic accelerated digital transformation and innovations in digital health, supply chain integrity, e-commerce, and autonomous services. And to implement these innovations seamlessly, Enterprise blockchain technology is required that, in turn, requires security. To address this, the company Network has pioneered a fully automated solution that secures business applications throughout the entire lifecycle.
Mark Hatfield commented:
“Blockchain-based technologies are enabling a new wave of efficiency and innovation for enterprises, however securing these solutions has been an afterthought to date. Kfir, Gilad, and the Valid Network team have built a comprehensive solution to address the unique challenges and needs of these new business-critical apps. The company’s next phase of growth will focus on building and scaling a global organization that can help accelerate the use of decentralized applications securely and effectively.”
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