Fortune.com: SphereX Raises $8.2M Seed Round and Launches Security Solution for Smart Contracts

SphereX's Groundbreaking Seed Funding Round

SphereX, a web3 security company, has raised $8.2 million in seed funding and launched SphereX Protect, a decentralized security solution for smart contracts. This solution prevents vulnerabilities in the code from being exploited and maintains contract operation even under threat.

Press Release Summary

Here's a summary of the press release publication by Fortune.com:

• SphereX, a web3 security company, founded by Eyal Meron and Oren Fine, has secured $8.2 million in seed funding from investors including Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners, and angel investors.
• SphereX has launched SphereX Protect, an advanced security solution for smart contracts, aiming to prevent exploits and attacks on the contracts.
• SphereX Protect is integrated into smart contracts as a security module, blocking potential hackers from exploiting vulnerabilities in the code.
• Unlike traditional methods, SphereX Protect operates without requiring the contract to pause or implementing circuit breakers, ensuring continuous contract operation.
• The security solution is on-chain, offering verifiable and continuous defense while maintaining composability and anti-censorship principles.
• Eyal Meron, co-founder and CEO of SphereX, emphasizes the need for better cyber resilience in the web3 ecosystem to foster trust and prevent hacks.
• Smart contracts have faced significant losses due to exploits, even after being audited by third-party security firms.
• SphereX aims to provide certainty and restore trust in Dapps by offering a security solution that ensures business continuity under attacks.
• Oren Fine, co-founder and CTO of SphereX, highlights the solution's ability to automatically block historical attacks while maintaining efficiency.
• SphereX's team consists of experts in cybersecurity, blockchain, and machine learning, building an open platform solution that evolves with community input.
• The company's approach combines traditional cybersecurity concepts with blockchain insights to protect smart contracts effectively.
• Parker McKee of Pillar VC praises SphereX's focus on stopping malicious actors instead of just monitoring solutions.
• SphereX's flagship product, SphereX Protect, defends smart contracts from 0-day exploits while ensuring continuity.