IOSG and Major Backers Fund Crypto Cybersecurity Firm Hexens With $4.2 Million

By October 18, 2022 No Comments

With the $4.2 million funding from the leading Web3 investment firm IOSG Ventures, Hexens will expand horizontally by increasing its top-notch cybersecurity service coverage and vertically by developing products that aim to impact the field on ecosystem grade.

Backed By the Biggest

Besides IOSG Ventures, Delta Blockchain Fund, Chapter One, Hash Capital, ImToken Ventures, Tenzor Capital, and angels from Polygon and other blockchain projects participated in the seed funding of this cybersecurity boutique and blockchain startup. 

 “$2B lost in crypto hacks only in 2022 shows the importance of thorough cybersecurity practices and the high demand for first-class cybersecurity services,” said Queenie Wu, the partner at IOSG Ventures, shared their reasons for funding Hexens. 

“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,” she added. 

Delta Blockchain Fund highlighted that Hexens brings high-quality cybersecurity services to a new level: 

“The need for full-stack Web3 security measurements, as the industry grows, should be a top priority. Hexens is not only an audit service company but also innovates in building security standards for the industry, bringing security products to the market. Not only will this enhance safer testing environments for developers, but also provide greater observability of the code.” 

People Behind Hexens

Sipan Vardanyan and Vahe Karapetyan, the founders of Hexens, understand that Web3 is the future of technologies, and target its mass adoption. After a decade in Web2 classical cybersecurity services, the founders pursue their goal of implementing new security standards in the field by focusing on blockchain technologies. 

Vahe, the CTO of Hexens shares: 

“Most of our auditors and security engineers have a scientific background in cryptography, computer science, or math, together with previous, let’s call it, Web2 security experience. Considering our recruitment approach and Hexens’ philosophy, it often happens that we refuse to audit simple ERC20 tokens or other projects like that: the more complex the project the more attractive and interesting it is for us.”

The Hexens team has expertise in both on-chain analysis, as well as off-chain techniques that allow the firm to tackle the most challenging and technically complex tasks, including but not limited to: Infrastructure Audits, Zero Knowledge Proofs / Novel Cryptography, DeFi, NFT.

About Hexens

While Hexens can be considered a newcomer in the blockchain security arena, the immense experience of its team enables them to see the needs of the premature blockchain market. In a just year they cooperated with Mudit Gupta – CISO of the biggest EVM Ecosystem – Polygon Technology, who now joined the company advisory board. 

Today, Hexens provides several cybersecurity services to the decentralized industry, ranging from advisory during the developmental stage to securing existing services. The team has not only been able to identify cyber criminals but also helped in recovering digital assets worth of $13 million this year alone, returning these back to their owners.

Hexens strives to have its first market-wide and standardized product rolled out in late 2023, bringing a new chapter in blockchain security.