Xavier Kong · · 1 min readSamsung Next backs SG bug bounty platform’s $24m series A
Immunefi, a Singapore-based Web3 bug bounty platform, has completed a series A round led by venture capital firm Framework Ventures, raising US$24 million.
Immunefi founder and CEO Mitchell Amador / Photo credit: Immunefi
Electric Capital, Polygon Ventures, and Samsung Next also participated in the fundraise, among other investors.
Founded in 2020 by Mitchell Amador, Immunefi provides a platform where white-hat hackers can win bounties posted by companies for any vulnerabilities found and reported within their systems. The firm counts the likes of Chainlink, Wormhole, and MakerDAO among its clients, and it said that it currently guards over US$100 billion in user funds.
The funds raised will go toward scaling the Immunefi team to meet the growing demand from crypto projects.
To date, the Singapore-based firm has paid out about US$60 million in total bounties, including ones worth US$10 million and US$6 million for vulnerabilities found in Wormhole and Aurora, respectively.
In October 2021, Immunefi raised US$5.5 million from investors such as Blueprint Forest, Electric Capital, Bitscale Capital, and Framework Ventures.
See also: Polkadot early investor’s Web3 firm buys Anime Metaverse
Editing by Miguel Cordon and Lorenzo Kyle Subido
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