Veridise, a startup that uses formal methods to improve blockchain security, has raised $4.7 million in a seed round led by Polychain Capital.
The investment came from notable VC firms including Polychain Capital, Hack VC, dao5, as well as angel investors from Manta Network, ConsenSys, Aleo, Scroll Tech, Coinbase, Ethereum Foundation, and others.
The seed funds will be used to accelerate the development of tooling intended to enhance the safety, reliability, and correctness of blockchain ecosystems and to expand Veridise’s global presence.
“I would like to thank our investors and partners for supporting and bootstrapping our mission,” said the company’s President Dr. Isil Dillig.
“Security vulnerabilities and correctness issues in smart contracts currently result in significant financial loss and have led to increased demand for security audits of DeFi applications . However, due to the lack of scalable solutions in this space, there is a long waiting period for customers interested in having their projects audited for security vulnerabilities. Veridise aims to address this situation by providing a push-button and comprehensive verification toolchain that scans for common security vulnerabilities as well as custom correctness properties expressed in a user-friendly specification language. This investment round is a major step for the company,” said the company’s CEO Dr. Yu Feng.
“Veridise is an all-star smart contract verification company. The co-founders have extensive experience in formal verification and decided to bring their expertise to the smart contract auditing and verification industry in blockchain,” said Shumo Chu, cofounder of Manta Network.
“Their co-founders are arguably the best automated-reasoning researchers in formal verification and auditing in the globe,” added Luke Pearson, partner at Polychain Capital.
About Veridise Inc
Founded in 2022 by pioneers in the academic field, Veridise Inc is a US-based startup that applies formal methods to improve the security and reliability of blockchain ecosystems.
Based on the co-founders’ research publications at top security and verification conferences, Veridise makes it possible to audit modern DeFi applications with a high degree of automation, precision, and scalability. Beyond fully automated checking of common security vulnerabilities, Veridise provides a user-friendly specification language for expressing custom correctness properties of DeFi apps and incorporates a robust verification toolchain for automatically checking such properties. Veridise further distinguishes itself from its competitors through its ability to generate attacks: When Veridise uncovers a problem, it can produce tangible evidence of exploitability by generating an attack in the form of a malicious contract.
Contact: contact@veridise.com
