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Cube3.ai, a cybersecurity startup specializing in safeguarding smart contracts within the realm of cryptocurrency, has unveiled itself from a concealed development phase after successfully securing an impressive $8.2 million in seed funding.
The Blockchange Ventures took the helm in the seed round, joined by contributors like Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB, and TA Ventures.
Recurrent assaults on public blockchain-based systems and decentralized finance (DeFi) have bestowed upon the industry a notoriety as a battleground for hackers and cybercriminals. In this domain, the monetary enticements for malicious entities are notably greater compared to the existing Web2 realm.
As innovation surges forward, it often brings along an upsurge in criminal activities. This phenomenon was the driving force for Einaras Gravrock, the founder and CEO of Cube3.ai. Drawing from his extensive experience in constructing security platforms for the Web2 era, he was compelled to transcend the conventional practices of manual code audits and after-the-fact attack notifications. Instead, he embarked on a journey to develop a cutting-edge system capable of real-time scrutiny of cryptocurrency transactions.
Cube3.ai employs machine learning and pattern recognition techniques to assign a risk score to recently deployed smart contracts. Wrongdoers consistently introduce fresh contracts using new wallets, which shortly thereafter might suggest a harmful transaction directed at a specific contract. This provides only a brief timeframe to assess new contracts for malevolent purposes, as highlighted by Gravrock.
“On behalf of our clients, we equip decentralized applications and smart contracts to identify exploits, and then to decline exploits as they are being proposed,” said Gravrock in an interview with CoinDesk. “It means contracts and applications can carry on processing legitimate transactions, so it’s a bit like a guardian angel is watching over your contract.”
