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

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With the funding, Hexens will expand horizontally by increasing its top-notch cyber security service coverage and vertically by developing products that aim to impact the field on ecosystem grade.

Hexens, a cybersecurity boutique and blockchain startup, announced the closure of a $4.2 million seed round led by IOSG Ventures, the leading Web3 Venture Capital.

Other investors include Delta Blockchain Fund, Chapter One, Hash Capital, ImToken Ventures, Tenzor Capital, and angels from Polygon and other blockchain projects.

Hexens disrupting products impact the ecosystem

Since Hexens was founded in 2021, it has had an impressive track record and recognition in the industry: Mudit Gupta – CISO of the biggest EVM Ecosystem – Polygon Technology, joined the company advisory board after completing just a single cooperation iteration.

The Hexens approach to security is on its way to scale: combining brave ideas together with an extensive Web3 market vision, first products from the company 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 cybersecurity 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.

“$2B lost in crypto hacks only in 2022 shows the importance of thorough cybersecurity practices and the high demand for first-class cybersecurity 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. Moreover, products being built by Hexens have the potential to become a standard toolkit for each developer and security researcher in the blockchain space,” said Queenie, the partner at IOSG Ventures

“Our unique methodologies and techniques that we have sharpened over a decade of business in cybersecurity enable us to see what the premature blockchain market really needs. In the near future, we plan to release our first products to help builders, security engineers, projects, companies, and whole blockchains and ecosystems have peace of mind and stay safe.” Sipan added.

“Today, many businesses face a single point of failure, while depending on technologies that store assets on-chain. Our main goal is to set new standards and raise the expectations of what cybersecurity solutions could do.” Sipan also added.

About Hexens

Hexens was founded by two multiple-time Capture the Flag competition winners: Sipan Vardanyan and Vahe Karapetyan, in the professional environment more known by their nicknames — Noyer and kemmio. After more than 10 years of providing classical cybersecurity services in the Web2 industry, they decided to focus on blockchain technologies to develop and implement new standards of security in the field, with the goal of bringing Web3 mass adoption closer than it is.

Hexens security audits

Hexens has multiple top-notch auditing teams specialized in different fields of information security, showing extreme performance in the most challenging and technically complex tasks, including but not limited to: Infrastructure Audits, Zero Knowledge Proofs / Novel Cryptography, DeFi, NFT..

“Most of our auditors and security engineers have a scientific background in cryptography, computer science, or math, together with previous, let’s call it, Web2 security experience.

Considering our recruitment approach and Hexens’ philosophy, it happens that we often refuse to audit simple ERC20 tokens or other non-complex projects: the more complex the project the more attractive and interesting it is for us to audit.” – Vahe, the CTO of Hexens.

Hexens cybercrime investigations

Besides security audits, Hexens’ also investigates and responds to security incidents. Multiple-time OSINT competition winners are the constituents of the investigation department, with combined expertise in both on-chain and off-chain analysis techniques to deliver the most sophisticated cybercrime investigations. Within the last 9 months, the investigations department identified and deanonymized hackers and returned assets worth more than $13m to their rightful owners.

“No matter how sophisticated the software is that is being used for on-chain investigations, it’s only half of the story: the other half comes to manual analysis of off-chain data. My team consists of OSINT specialists and ex-police detectives, and their experience permits us to achieve astonishing results.” – Grant, Head of Investigations of Hexens said.

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