Blockchain security startup, Redefine, has raised an $11M seed round based on its offering of the first Crypto Firewall. The seed round was led by Palo Alto-based Ribbit Capital, with participation from Jump Capital and ParaFi Capital at a valuation of $50M. Ribbit Capital is a well-known venture capital fund that focuses their investments in the FinTech and Blockchain Industries and has a successful track record with early investments in companies such as Coinbase, Robinhood and Chainalysis. ParaFi Capital and Jump Capital, both US-based, are extremely well-respected funds that take part in early stage investments of Blockchain-centric companies through their venture capital arms.
This funding comes in addition to a pre-seed round of $3 million raised in June of last year, led by More VC and Accomplice Blockchain, who also participated in the current round. The two joined forces with Redefine early on and brought a mix of cyber and blockchain expertise to the table.
The company currently employs 14 people, many of whom served in elite IDF technology units. The funds raised in this round will contribute to recruiting top talent for the Israeli and US offices, furthering research and development efforts, and building out a robust product that can serve their customers’ needs.
Redefine was founded in June 2021 by Dr. Shira Brezis (CEO) and Alon Ram (CTO). Alon earned his Master’s in Biomedical Engineering from the Technion-Israel Institute of Technology, and Shira holds a PhD in Law and Economics from the University of Chicago. 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 innovation department in 2018. With an already extensive knowledge base in cryptocurrencies and digital asset technology, they quickly joined forces and founded the FinTech Labs, integrating their passion for crypto into their professional careers for the first time.
Redefine operates in the heart of the fascinating and fast-growing blockchain-sector of Decentralized Finance (DeFi). Much like the verb DEFY, this new sector challenges the status quo of traditional finance and brings with it opportunities that were not previously available. Users are able to generate high-yields on their crypto investments, take out loans, trade derivatives and provide liquidity in a transparent, decentralized and permissionless manner.
At the time of writing, there is over $100B being utilized by various DeFi protocols. With this amount of money at play, it is no surprise that so far, more than $12B have been stolen from investors through dozens of sophisticated hacks and cyber attacks.
Redefine is a pioneer in DeFi security catering to institutional investors in order to help 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 cyber attack. Emphasis is placed on automating due-diligence and risk-monitoring processes that are usually performed manually today, allowing investors to deploy capital into the latest projects and to monitor the risks associated with their positions in a scalable manner.
Redefine has already secured high-profile partners across the digital asset spectrum, such as Fireblocks. Redefine is also working closely with a number of prominent beta customers, such as Celsius Network, to iterate and focus their offering to ensure maximum value is provided to the market.
Dr. Shira Brezis, co-founder and Redefine’s CEO explains: “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. It removes the autonomy held by centralized third parties to decide what products and services are available and to whom. The idea is that anyone in the world can participate and all that is required is an internet connection and a digital wallet”.
Credit photos: Eric Sultan