Miami, FL – Halborn, a cybersecurity agency serving each conventional finance and blockchain-based shoppers, introduced the completion of a $90 million development fairness financing, the primary exterior funding within the firm’s historical past. Global development investor Summit Partners led the spherical, with participation from Castle Island, Digital Currency Group, Brevan Howard, Third Prime, Sky Vision Capital, and Fenwick. The funding was first introduced in a Bloomberg unique.
Halborn was based in 2019 by Steven Walbroehl and Rob Behnke with a imaginative and prescient to safe the blockchain and defend customers in opposition to information and financial losses. Profitable since inception, Walbroehl and Behnke bootstrapped Halborn into a pacesetter in Web3 safety. Halborn is rising quickly and immediately serves over 250 shoppers and employs greater than 100 crew members around the globe.
“With security vulnerabilities dominating the crypto news headlines, and over $1.5 billion in financial losses from DeFi hacks in 2022 to date, the demand for Web3 security is only growing,” stated Halborn co-founder and CISO Steven Walbroehll, creator of the SANS Institute course on Blockchain and Smart Contract Security. “Funding from this Series A will be used to expand our global team of offensive security engineers and build our Halborn Labs division, accelerating our robust pipeline of SaaS security products.”
With hundreds of centralized and decentralized functions touching Web3 and developer counts rising quickly, the Web3 assault floor has grown exponentially lately. Applications and APIs are sometimes much more weak than the blockchains upon which they’re developed. Open-source vulnerabilities and human programming error have created important, well-documented cyber dangers – however the market has developed few safety requirements to deal with this problem.
Operating throughout the software program growth lifecycle, Halborn supplies a set of services designed to determine and shut vulnerabilities in Web3 functions, serving to to create the safety requirements that the market presently lacks.
Halborn presently serves a various international consumer base spanning Layer 1 blockchains, infrastructure suppliers, monetary establishments, and software and recreation builders. Halborn’s prospects embrace Solana Foundation, Avalanche, and Figment.
“Summit has a long history of partnering with innovative cybersecurity leaders focused on protecting against both monetary and data breaches in a constantly evolving and ever-expanding threat landscape. We believe the stakes and costs are even higher in Web3, given the decentralized development of and the dollars controlled by Web3 applications,” stated Matt Hamilton, a Managing Director at Summit Partners, who has joined the Halborn Board of Directors. “In a very short time, Halborn has established itself as a globally recognized brand in blockchain security working across Web3 and Web2 environments. The Halborn team has earned a reputation for tackling complex projects and has an impressive record of identifying high-profile vulnerabilities and breaches.”
“Cybersecurity risk has historically been a barrier for organizations seeking to launch products in the blockchain industry. Halborn is changing this risk/reward equation and, in doing so, is expanding the addressable market for public blockchain technology. We are thrilled to partner with Halborn as they expand their product offering,” stated Matthew Walsh, Founding Partner at Castle Island.
“Third Prime is focused on investing in market leaders in some of the most important areas of crypto, and we believe the Halborn team, track record and technology fit squarely in this mandate. We’re excited to partner with them as they secure companies across the space,” added Wes Barton, Managing Partner at Third Prime.
