Drosera Raises $3.25M to Secure Ethereum with 'Traps'
Drosera Raises $3.25M to Enhance Ethereum Security
Drosera, an Ethereum security protocol, announced the successful completion of its seed funding round, raising $3.25 million. This brings the company's total funding to $4.75 million.
The round saw significant investments from prominent firms including Greenfield Capital, Anagram, Paper Ventures, Arrington Capital, UDHC, and Pulsar. Several angel investors also participated, including Jan Baeriswyl, Luke Hackett, Felix Lutsch, Max from DeFine Logic Labs, Diogo Costa, Yaroslav Pshenitsyn, Peter Kim, Mara Schmidt, Daniel and Abhishek from Swell Labs, Anuj Shankar, and Collin Myers.
Drosera positions itself as Ethereum's immune system, aiming to enhance the security of the platform. Founder and CEO Fernando Reyes (FRR) stated that the funding will be used to "push the boundaries of what’s possible in protocol security" and accelerate the development of their groundbreaking smart contract security and automation technology, Traps.
What are Drosera's 'Traps'?
Drosera's 'Traps' represent a novel smart contract technology designed to identify and neutralize vulnerabilities on the Ethereum network. The need for such a system is evident, considering the $1,495,487,055 lost to hacks and exploits in 2024 alone.
Traps achieves this through:
- Threat Detection: Constant monitoring of Ethereum for suspicious activity, triggering responses as needed.
- Proactive Defense: Swift action to neutralize threats, potentially involving blocking malicious transactions or automatically mitigating vulnerabilities before damage occurs.
- Ecosystem Adaptability: Designed to adapt to evolving attack methods, enabling quick updates to security infrastructure.
Codeum, a leader in blockchain security and development, offers a range of services including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. These services are crucial for projects aiming to build secure and robust blockchain applications.
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