Redefine, an Israel-based blockchain security startup, has raised an $11 million seed round for its “crypto firewall.”
Redefine previously raised a pre-seed round of $3 million in June of last year led by More VC and Accomplice Blockchain.
This new round, which included the early investors, was led by Ribbit Capital, with participation from Jump Capital and ParaFi Capital at a valuation of $50 million.
Redefine was founded in June 2021 by CEO Dr. Shira Brezis and CTO Alon Ram.
Ram earned a Master’s in Biomedical Engineering from the Technion-Israel Institute of Technology, and Brezis holds a Ph.D. in Law and Economics from the University of Chicago. They both worked for the Israeli government in different capacities and claim over a decade of cybersecurity experience before meeting in the then newly-established innovation department in 2018.
Redefine explains that it operates in the fast-growing blockchain sector of Decentralized Finance (DeFi). Redefine states that users can generate high-yields on their crypto investments, take out loans, trade derivatives and provide liquidity in a transparent, decentralized, and permissionless manner.
Redefine is offering DeFi security catering to institutional investors to help them manage investment risks through a smart platform that automatically analyzes risk, monitors market changes in real-time, and proactively protects capital in the event of a cyber attack.
Due diligence is said to be automated as well as risk-monitoring processes allowing investors to deploy capital into the latest projects and to monitor the risks associated with their positions in a scalable manner.
Redefine says it has secured high-profile partners across the digital asset spectrum, such as Fireblocks. Redefine is also working closely with a number of beta customers, such as Celsius Network, to iterate and focus their offering to ensure maximum value is provided to the market.
Brezis explains:
“Creating a safe environment is critical for the development and adoption of DeFi. By promoting equal access to financial services for all, DeFi is a powerful movement towards democratizing the global economy and the latest step in the implementation of blockchain ideology. It removes the autonomy held by centralized third parties to decide what products and services are available and to whom. The idea is that anyone in the world can participate and all that is required is an internet connection and a digital wallet.”
Redefine currently employs 14 people, many of whom served in elite IDF technology units.
The funds raised in this round will contribute to recruiting talent for the Israeli and US offices, furthering research and development efforts, and building out a robust product that can serve their customers’ needs.