Hexens, a Blockchain Security Firm, Has Raised $4.2 million in Seed Funding Led By IOSG Ventures

A $4.2 million seed round, headed by IOSG Ventures, a top Web3 Venture Capital, has closed for Hexens, a cybersecurity boutique and blockchain startup. With this funding, Hexens is ready to expand its cybersecurity service coverage, as well as release new products that will impact the field on ecosystem grade.

 “$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 Web3 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 Wu, the partner at IOSG Ventures.

“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 added.

Hexens Growth through Partnerships

Understanding the needs of the market, Hexens founders 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. 

Since the foundation of the company 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.

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

When it comes to product development, Chapter One is excited to support Hexens, as well as guide the founders to the security-focused development ecosystem that is being built at a rapid pace.

The Delta team considers the full-stack web3 security measurements a top priority and, therefore, supports the startup on its path to become a rising global leader in web3 security. 

Hexens Security Audits and Investigations

Two multiple-time Capture the Flag competition winners, Sipan Vardanyan and Vahe Karapetyan, known as Noyer and kemmio in the professional community, established Hexens.

After more than a decade of delivering classical cybersecurity services in the Web2 industry, they have shifted their attention to blockchain technology to create and implement new security standards in this sector and contribute to the widespread adoption of Web3.

Many individuals see blockchain technology as the future of finance, and it is indeed one of the most rapidly expanding industries. Rapid expansion poses serious cybersecurity challenges. The technology faces the risk of not achieving mass adoption if the rising threats of cybercrime are not addressed appropriately.

While many businesses still depend on technologies that store assets on-chain, Hexens targets creating new security standards. The team consists of 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. Besides security audits, Hexens also investigates and responds to security incidents. Within the last 9 months, the investigations department identified and deanonymized hackers and returned assets multimillion worth to their rightful owners. 

The unique methodologies and techniques that the team has sharpened over a decade of business in cybersecurity enabled them to see the needs of the premature blockchain market.

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