Israel-based cybersecurity startup Valid Network has raised an $8m seed round to fuel the development of its technology, expand its team and to open a New York office.
Blockchain is nothing new. Companies around the world are using distributed ledger solutions to power things like payments and settlements, provenance, asset tracking, identity management and trade finance.
“Valid Network will enable safer and faster adoption of these revolutionary technologies for the benefit of organisations and consumers worldwide,” said Kfir Nissan, co-founder and CEO of Valit Network.
Moreover, it does so whilst plugging the cybersecurity holes created when enterprises develop and deploy complex decentralised global applications that share business processes and data between enterprises has exposed new security and assurance challenges.
It is against this background that the company has now raised $8m to fuel its international growth in both Israel and the US.
“We are thankful for the vote of confidence by our investors, and plan to work hard to fulfill our ambitious plans and make Valid Network into a sustainable, thriving company that brings tangible value to its customers,” said Nissan.
Ten Eleven Ventures, a US-based cybersecurity venture capital firm led the round, which will see its general partner Mark Hatfield join Valid Network’s board.
“Blockchain-based technologies are enabling a new wave of efficiency and innovation for enterprises, however securing these solutions has been an afterthought to date,” said Hatfield, congratulating the startup’s founders for having “built a comprehensive solution to address the unique challenges and needs of these new business critical apps.”
Jerusalem Venture Partners (JVP), an internationally renowned venture capital fund also returned to participate in the round.
“Valid is not like other cyber companies,” said Gadi Portal, partner at JVP Partner. “The company has developed breakthrough technology protecting blockchain systems, unseen until now. Recently, numerous organisations are adopting blockchain-based technologies for internal use, the ability to make this technology available and safe is desperately needed.
“Valid’s technological solution is the key to safe, efficient and reliable enterprise adoption of blockchain technologies, with real-time monitoring and detection.”
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