Web3 bug bounty platform Immunefi, located in Singapore, has concluded a series A investment, garnering US $24 million under the direction of venture capital company Framework Ventures.
Along with other investors, Electric Capital, Polygon Ventures, and Samsung Next took part in the fundraising.
Immunefi, a platform created in 2020 by Mitchell Amador, gives white-hat hackers the opportunity to collect rewards offered by businesses for any vulnerabilities discovered and disclosed within their systems. The company claims to have clients including Chainlink, Wormhole, and MakerDAO and that it presently protects over US $100 billion in user assets.
To fulfill the increasing demand for cryptocurrency projects, the funds generated will be used to scale the Immunefi team.
The Singapore-based company has so far handed out over $60 million in bounties, including ones worth $10 million and $6 million each for vulnerabilities discovered in Wormhole and Aurora.
Immunefi raised $5.5 million from financiers including Blueprint Forest, Electric Capital, Bitscale Capital, and Framework Ventures in October 2021.
