Blockchain security company Halborn Inc. revealed today that it has raised $90 million in a new early-stage funding round led by Summit Partners.

Castle Island Ventures, Digital Currency Group and Brevan Howard also participated in the Series A round.

Founded in 2019, Halborn offers cybersecurity for blockchain organizations that continually assesses an organization’s vital assets. The company’s services include security advisory, advanced penetration testing, smart contract audits, DevOps and automation.

Halborn’s security advisory-as-a-service package delivers access to all of the company’s services, including security architecture assessment, code audits, security best practices and custom red team engagement. Customers gain access to pen-testing across web applications, cloud providers and application programming interfaces.

The company’s service also offers technical security compliance, continuous smart contract auditing and blockchain protocol security assessments to secure a stack from end to end.

Like many in the broader cybersecurity market, Halborn also undertakes security research. The company uncovered the “demonic” vulnerability in the popular Metamask software cryptocurrency wallet in June. The vulnerability involved insecure permissions in MetaMask and other browser extension cryptocurrency wallets that would allow an attacker to access a user’s secret recovery phrases on disk via remote or physical access.

Halborn has a range of well-known customers, including BlockFi Trading LLC, Solana, Polygon, Dapper and Coinbase Global Inc.

The funding for the company comes amid a crypto winter that has seen the price of cryptocurrencies plummet and some companies suspend services or go bankrupt, such as Celsius Network LLC and Three Arrows Capital Ltd.

In an interview with Bloomberg, Halborn Chief Executive Officer Rob Behnke said that “the price of crypto has nothing to do with our business” and “what really matters is that the entire industry is growing.”

Behnke noted that despite the downturn in the market, people keep trying to steal cryptocurrency, such as the hack that resulted in the theft in March of $615 million from Ronin Network, the blockchain platform that runs the popular play-to-earn game “Axie Infinity.” Companies “really want to make sure they don’t get hacked and lose all their money,” Behnke added.

Photo: Halborn