Blockchain security start-up Redefine has raised an $11 million seed round based on its offering of the first Crypto Firewall to protect DeFi (Decentralized Finance) platforms and protocols.
As cryptocurrencies increase in value, popularity and overall acceptance, theft and fraud in the space have followed, with over $12 billion having been stolen from investors to this point. Redefine aims to change that.
Founded in June 2021 by CEO and co-founder Dr. Shira Brezis and CTO Alon Ram, Redefine is a pioneer in DeFi security that caters to institutional investors – helping them manage investment risks through a smart platform that automatically analyzes risk, monitors market changes in real-time, and proactively protects capital in the event of a cyberattack. Automation of due diligence and risk-monitoring processes (which are usually performed manually today) allows investors to deploy capital and monitor risks in a scalable manner.
Brezis explained that “Creating a safe environment is critical for the development and adoption of DeFi. By promoting equal access to financial services for all, DeFi is a powerful movement towards democratizing the global economy and the latest step in the implementation of blockchain ideology.”
Brezis and Ram created the company just seven months ago in June 2021 when they both worked for the Israeli government in different capacities and accumulated over a decade of cybersecurity experience before meeting in the then newly-established Israel Innovation Authority in 2018.
“The idea is that anyone in the world can participate and all that is required is an internet connection and a digital wallet,” Brezis declared.
Palo Alto-based venture capital fund Ribbit Capital led the investment round for the Israeli start-up at a valuation of $50m. Ribbit Capital’s early investments in successful start-ups such as Coinbase, Robinhood and Chainalysis reflect well on Redefine’s prospects.