Offering world-class security audits and practices in the blockchain realm, Hexens recently concluded a seed funding round to develop its operations and services. The security company has already made waves in the industry with its cybersecurity capabilities and the recent investment in the firm has some big names backing it, led by IOSG Ventures.

Other investors include Hash Capital, Tenzor Capital, Chapter One, ImToken Ventures and Delta Blockchain Fund. The combined backing touched an astounding $4.2 million.

Seed Funding, Led by IOSG Ventures

Hexens held a seed funding round to increase its blockchain security services. The round was a resounding success as the firm secured $4.2 million, led by early-stage venture firm IOSG.

Queenie Wu, the partner at IOSG Ventures described the decision to back Hexens,

“We are excited to partner with the stellar Hexens team on the mission to make Web 3.0 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.”

Considering that the Hexens team was able to investigate and help in returning millions of USD worth of assets to their original owners in 2022, the faith by the multiple VCs and backers is founded on good grounds.

Delta Blockchain Fund, another major backer also reflected its belief and support for Hexens,

“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. As Hexens is building out its audit services and product, becoming a rising global leader in web3 security infrastructure, we at Delta are excited to support the team at Hexens.”

What Does Hexens Do?

Raised in 2021, Hexens is a cybersecurity firm that specializes in testing and auditing blockchain platforms and protocols.

The blockchain industry is rapidly expanding. Though the technology is known for its high level of security and safety, of both the operations of the network, the implemented protocols and digital assets, the industry is marred with different exploits. This ranges from manipulating loopholes in smart contracts to traditional phishing and social engineering. 

Bad actors have also scaled their complexities of attack over the years, keeping pace with the advancements in cybersecurity. This had led to some innovative and unorthodox approaches to plug holes, beginning from having a robust and water-tight ecosystem in the first place.

Hexens steps in to offer its various services to different blockchain firms and startups so that their operations are foolproof. With more security products becoming available in 2023, Hexens focuses on 4 core areas:

• Security Advisory: Offering insight into compliance with regulatory framework and best industry practices, Hexens can do a complete architecture audit.
• Blockchain Security: For platforms and companies looking to launch their own blockchain network to help protocols secure their smart contracts, Hexens offers auditing for DAOs, DeFi, exchanges, wallets and other blockchain-related operations.
• Penetration Testing: On hand and working in the field, Hexens does live white hacking to see if blockchain platforms can be penetrated, including stress testing and cloud security.
• Cyber Investigations: Be it a proactive approach such as due diligence or a reactive such as incident investigations, the Hexens team uses OSINT (Open Source Intelligence)

According to Sipan Vardanyan, CEO Hexens, blockchain - even though it is the fastest growing field today, is facing increased cybersecurity issues and if these are not dealt with in a timely and appropriate manner, it will have a huge negative impact on its adoption.

The Hexens services and teams reflect the company’s commitment to counter bad actors in the industry. The founders Sipan Vardanyan and Vahe Karapetyan are well-known in the Web2 cybersecurity arena and are now focusing on Web3 and blockchain.