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Runtime Verification Raises $5.3M for Better Blockchain Security

Runtime Verification Raises $5.3M for Better Blockchain Security
  • Runtime Verification has raised $5.3 million to advance blockchain security.
  • Major companies took part in the round, validating the Runtime Verification’s offerings.
  • The company is looking forward to grow globally, especially in the APAC region.

Security Audit firm Runtime Verification has just closed its funding round to push blockchain security. The IOSG Ventures-led investment round raised $5.3 million from notable companies.

The round was attended by many significant firms including  Fenbushi Capital, Maven 11, Borderless Capital (Algorand), cFund (Cardano), Hypersphere (Polkadot), Elrond Research, as well as Tezos Foundation.

Most importantly, the fundraiser confirmed the need for Runtime Verification’s use of analytical software for providing system security in the crypto industry. The company has noted that it will use the investments to power its developmental tools. These will further enhance the safety, reliability, and correctness of computing systems for blockchain use and expand Runtime Verification’s global impact.

Marking this as an important milestone, the company’s founder Grigore Rosu said,

“To date, all our funding has been from grants and contracts rather than capital raises. This investment round is, therefore, a major step for the company, one which will accelerate our growth and impact in the blockchain domain”.

He added,

The fact that five blockchains joined our investment round through their funds, based on research from their development teams who witnessed our technology, is a testament to the universality and strength of our K-powered technology.

Xinshu Dong, Partner at IOSG Ventures also commented on the successful fundraiser,

“We are truly excited to work closely with Runtime Verification and embark on the next journey to take formal verification to our everyday software systems.”

The company is aiming to grow its team over the next year in order to meet plans to release new security tools and products. It will target specifically on recruiting members and clients from the APAC region, following its recent business venture in Singapore.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.