Blockchain Security Company Hexens Raises $4.2M in Seed Funding Led by IOSG Ventures

Hexens, a cyber security boutique and blockchain startup, has raised $4.2 million in seed funding led by IOSG Ventures. The Hexens funding round also enjoined participation from Delta Blockchain Fund, ChapterOne VC, Hash Capital, ImToken Ventures, Tenzor Capital as well as angel investors from Polygon and other established players in Web 3.0.

As blockchain is one of the fastest-growing fields, it can be the future of money. With the goal of bringing Web 3.0 mass adoption closer than it is, Hexens addresses the increasing cyber security threats. As the company is actively scaling, its first product to help builders, security engineers, projects, companies, and whole blockchains and ecosystems will be available in late 2023.

“Blockchain is one of the fastest growing fields and, as many believe, the future of money. Fast growth brings huge cyber security risks and as we see it now, the technology faces the risk of not achieving mass adoption if we do not address the rising threats of cybercrime in an appropriate manner.” Sipan Vardanyan, the CEO of Hexens, said in a statement.

This emerging cyber security startup provides both complex auditing tasks including Infrastructure Audits, Zero Knowledge Proofs / Novel Cryptography, DeFi, NFT, etc, and cybercrime investigations, as the team has combined expertise in both on-chain and off-chain analysis techniques.

“$2B lost in crypto hacks only in 2022 shows the importance of thorough cyber security practices and the high demand for first-class cyber security services. We are excited to partner with the stellar Hexens team on the mission to make Web 3.0 a safer place. The team’s expertise in ZK technology positions them well to ensure the next wave of industry innovations,” said Queenie Wu, the partner at IOSG Ventures

Hexens Developing New Top-Notch Security Standards

After a decade in classical cyber security services in Web 2.0, the company shifts towards blockchain technologies with a goal of contributing to the standards of security and ensuring Web 3.0 mass adoption.

To make Web 3.0 a safer place, Hexens is creating products with the potential to become a standard toolkit for each developer and security researcher in the blockchain space.

“As Web 3.0 projects become more impactful, underlying smart contracts must be maintained with top-notch security. Hexens is focused on auditing code both manually and automatically to let developers focus on building out their visions while the safety of their code is consistently being monitored by a third party. Chapter One is looking forward to supporting Hexens on the product development side, as well as guiding founders to the security-focused development ecosystem that is being built at a rapid pace,” stated Chapter One, one of Hexens investors.

Hexens currently has Polygon, Layerswap, Algebra, Mantis, EYWA, Cointelegraph, CoinStats, and API3 among their clients, but in the future, it targets increasing its top-notch cyber security service coverage.