Israeli blockchain protection company Valid Network has announced that it has raised an $8 million seed round led by Ten Eleven Ventures and with the participation of Jerusalem Venture Partners (JVP). As part of the round, Ten Eleven Ventures cofounder and general partner Mark Hatfield joins the company's board.
Based in Beersheva, and founded by CEO Kfir Nissan and CTO Gilad Eisenberger, Valid Network enables companies to adopt and automatically protect blockchain technology. The company's solution is protocol-agnostic and ensures compliance while dynamically detecting and preventing breaches and attacks.
The company will use the funding for continued R&D and expanidng its engineering and research teams in Israel, while opening an office in New York City to scale business development and partnerships in the US.
Nissan said, "We built Valid Network on the vision that blockchain-based technologies will open a whole new world of possibilities for businesses globally, unleashing new efficiencies and ways of working. Valid Network will enable safer and faster adoption of these revolutionary technologies for the benefit of organizations and consumers worldwide."
Hatfield said, "Blockchain-based technologies are enabling a new wave of efficiency and innovation for enterprises, however securing these solutions has been an afterthought to date. Kfir, Gilad, and the Valid Network team have built a comprehensive solution to address the unique challenges and needs of these new business critical apps. The company's next phase of growth will focus on building and scaling a global organization that can help accelerate the use of decentralized applications securely and effectively."
Published by Globes, Israel business news - en.globes.co.il - on July 15, 2020
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