06 December 2021

Carey Olsen supports blockchain security firm CertiK in US$80m funding round

Carey Olsen's corporate practice in the Cayman Islands has advised blockchain security firm CertiK on its US$80 million Series B2 funding round – the largest level of fundraising ever secured by a company in the blockchain security space.

The funding also brings CertiK's total valuation to nearly US$1 billion, and means the company has attracted total investment of just over US$140 million in three separate funding rounds since July, all of which Carey Olsen advised on.

The latest funding round was led by Sequoia Capital China and also secured backing from existing investors Tiger Global, Coatue Management and GL Ventures. It will allow CertiK to further expand its product suite, especially in the software-as-a-service (SaaS) market, with the company currently developing new SaaS products centred around security auditing, formal verification and the protection of client blockchain and smart contracts.

CertiK has seen its revenue grow by 20 times over the past year, while on the product front it has recently released Skynet, a 24/7 active-monitoring platform that detects and protects blockchains against sophisticated attacks.

The Carey Olsen team advising CertiK on the Cayman law aspects of the Series B2 comprised partner Nick Bullmore and counsel Dylan Wiltermuth.

Nick said: "CertiK continues to lead the way in the blockchain security space and we're incredibly proud at Carey Olsen to be helping the company continue on its journey."

Find a Lawyer