Octane startup, which operates in the cybersecurity area, has emerged from the shadows and announced that it has managed to raise $6.75 million as part of a seed funding round.
The startup intends to spend the received funding to accelerate the development process of its platform, which uses machine learning to continuously analyze blockchain code bases, identify vulnerabilities, and eliminate them before they can be applied. The relevant information is contained in a press release published by Octane on Tuesday, April 8th.
Startup chief executive officer Giovanni Vignone said that flawed blockchain code enables billions of dollars in theft across cryptocurrency. He also noted that vulnerable smart contracts generate an ever-expanding attack zone as more value enters the ecosystem.
The press release highlighted that the startup’s platform helps developers identify bugs before deployment and throughout the building software cycle. It was also separately noted that soon this platform will offer code analysis for off-chain codebases as well.
Moreover, the press release contains information according to which the funding round was co-led by Archetype and Winklevoss Capital.
Tyler Winklevoss stated that securing smart contracts on the blockchain is one of the biggest challenges faced by any crypto developer. It was also noted that the Octane platform allows developers to check their smart contract code by testing security powered by artificial intelligence before it hits production on the blockchain. According to Tyler Winklevoss, this is huge for developers, companies, and mainstream adoption of cryptocurrencies.
According to media reports, recently, more and more chief operating officers at organizations with annual revenue exceeding $1 billion have been implementing automated cybersecurity management systems powered by artificial intelligence. They leverage generative machine intelligence to reduce data security losses. The results of industry research indicate that in the United States, the proportion of chief operating officers who said their companies have implemented appropriate systems increased from about 17% in May to 55% in August. This rapid growth is due to the rise in demand from COOs for solutions to improve cybersecurity management driven by generative artificial intelligence. The mentioned dynamic is observed at a time when companies are facing a consistently scalable threat of cyber attacks that are becoming more sophisticated.
Dream, a firm that focuses on artificial intelligence-powered cybersecurity for nations and critical infrastructure, raised $100 million in a Series B funding round in February. The company considers the funds received as a resource for expanding into additional markets. In this case, it means markets where cyber threats pose challenges to national security.
In September, Torq raised $70 million in a Series C funding round to expand its AI-first hyperautomatic solutions in the cybersecurity area that automate, manage, and monitor critical security operations center responses.
As we have reported earlier, Janover Raises $42 Million.
