SphereX, a web3 security company, has raised $8.2 million in seed funding and launched SphereX Protect, a decentralized security solution for smart contracts.
This solution prevents vulnerabilities “in the code from being exploited and maintains contract operation even under threat.”
SphereX, a web3 security platform, founded by Eyal Meron and Oren Fine, has reportedly secured funding from investors “including Aleph, Pillar VC, Fabric Ventures, Mensch Capital Partners, and angel investors.” As mentioned in the update, SphereX has “launched SphereX Protect, an advanced security solution for smart contracts, aiming to prevent exploits and attacks on the contracts.”
As explained in a blog post, SphereX Protect is “integrated into smart contracts as a security module, blocking potential hackers from exploiting vulnerabilities in the code.”
Unlike traditional methods, SphereX Protect operates “without requiring the contract to pause or implementing circuit breakers, ensuring continuous contract operation.” The security solution is on-chain, “offering verifiable and continuous defense while maintaining composability and anti-censorship principles.”
Eyal Meron, co-founder and CEO of SphereX, emphasizes “the need for better cyber resilience in the web3 ecosystem to foster trust and prevent hacks.” Smart contracts have faced significant losses “due to exploits, even after being audited by third-party security firms.”
SphereX aims to “provide certainty and restore trust in Dapps by offering a security solution that ensures business continuity under attacks.”
Oren Fine, co-founder and CTO of SphereX, “highlights the solution’s ability to automatically block historical attacks while maintaining efficiency.” SphereX’s team consists of experts in cybersecurity, blockchain, and machine learning, “building an open platform solution that evolves with community input.”
The company’s approach combines traditional cybersecurity concepts “with blockchain insights to protect smart contracts effectively.” Parker McKee of Pillar VC praises SphereX’s “focus on stopping malicious actors instead of just monitoring solutions.”
SphereX’s flagship product, SphereX Protect, “defends smart contracts from 0-day exploits while ensuring continuity.”
As stated in the announcement, SphereX is creating “an on-chain security solution for smart contracts called SphereX Protect, which integrates directly into smart contracts to defend against malicious activities while maintaining contract continuity.”