Blockchain Security Company Hexens Raises $4.2M in Seed Funding Led by IOSG Ventures
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With the funding, Hexens will expand horizontally by increasing its premium cybersecurity service coverage and vertically by developing products that aim to impact the field on ecosystem quality.
Hexens, a cybersecurity boutique and blockchain startup, announced the closing of a $4.2 million seed round led by IOSG Ventures, the leading Web3 Venture Capital.
Other investors include Delta Blockchain Fund, ChapterOne VC, Hash Capital, ImToken Ventures, Tenzor Capital and angels from Polygon and other blockchain projects.
Witch disrupting products affects 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 largest EVM Ecosystem – Polygon Technology, joined the company’s advisory board after completing only a single collaboration iteration.
Hexen’s approach to security is on the way to scale: by combining bold ideas together with a comprehensive Web3 market vision, the first products from the company will be available at the end of 2023.
“Blockchain is one of the fastest growing fields and, as many believe, the future of money. Rapid growth brings enormous 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 growing threats from cybercrime in an appropriate manner.” Sipan Vardanyan, CEO of Hexens, said in a statement.
“The $2B lost in crypto hacks by 2022 alone shows the importance of thorough cybersecurity practices and the high demand for top-notch cybersecurity services. We are excited to partner with the amazing Hexens team on the mission to make Web 3.0 a safer place. The team’s expertise in ZK technology positions them well to secure the next wave of industry innovations. Moreover, products built by Hexens have the potential to become a standard toolkit for every developer and security researcher in the blockchain space, said Queenie, the partner at IOSG Ventures
“Our unique methods and techniques that we have honed 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 entire blockchains and ecosystems with safety and security.” Sipan added.
“Today, many businesses face a single point of failure while relying on technologies that store assets in the chain. Our main goal is to set new standards and raise expectations of what cybersecurity solutions can do.” Sipan also added.
About Hexens
Hexens was founded by two more winners of the Capture the Flag contest: Sipan Vardanyan and Vahe Karapetyan, in the professional circle better known by their nicknames – Noyer and kemmio. After more than 10 years of providing classic 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.
Hexen’s security audits
Hexes have several first-rate audit teams specialized in various fields of information security, showing extreme performance in the most challenging and technically complex tasks, including but not limited to: Infrastructure Audit, Zero Knowledge Proofs / Novel Cryptography, DeFi, NFT.
“Most of our auditors and security engineers have a scientific background in cryptography, computer science or mathematics, along 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, CTO of Hexens.
Hexen’s cybercrime investigation
In addition to security audits, Hexens also investigates and responds to security incidents. Multiple OSINT competition winners are the components of the Investigations Department, combining expertise in both on-chain and off-chain analytical techniques to deliver the most sophisticated cybercrime investigations. Over the past 9 months, the investigative division has identified and de-anonymized hackers and returned more than $13 million worth of assets to their rightful owners.
“No matter how sophisticated the software used for on-chain research is, it’s only half the story: the other half comes down to manual analysis of off-chain data. My team consists of OSINT specialists and former police detectives, and their experience allows us to achieve astonishing results.” – Grant, said head of investigation in Hexens.
Press contact
Constantine Andriotis
Chief Marketing and Operations Officer
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