Blockchain security start-up, Redefine has just raised $11 million in a seed funding round led by Palo Alto-based Ribbit Capital, with participation from Jump Capital and ParaFi Capital at a valuation of $50 million. As Ribbit Capital is a well-known venture capital fund that focuses its investments in the FinTech and Blockchain Industries, their role in this round has been indispensable.
Not your traditional finance…
The blockchain sector of Decentralized Finance (DeFi) is growing faster than ever and is challenging the status quo of traditional finance. The growth of this new sector is bringing opportunities that were not previously available; Users can generate high yields on their crypto investments, take out loans, trade derivatives and provide liquidity in a transparent, decentralized and permissionless manner. Since there is over $100 billion being utilized by various DeFi protocols, it is no surprise that with such a hefty amount of money involved, the sector has become targeted to fraud. So much so, that more than $12 billion has been stolen from investors through dozens of sophisticated hacks and cyber-attacks.
This is where Redefine comes in. Its founders, Dr. Shira Brezis, who now works as the CEO, and Alon Ram, who is now the CTO, both worked for the Israeli government and accumulated over a decade of cybersecurity experience. Their extensive knowledge in cryptocurrencies and digital asset technology helped them realize the dire need for security within the DeFi sector; And so, they founded Redefine.
Redefine is a pioneer in 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. It automates due diligence and risk-monitoring processes that are usually performed manually, which allows investors to deploy capital into the latest projects and to monitor the risks associated with their positions in a scalable manner.
As Redefine’s co-founder and CEO, Dr. Shira Brezis, puts it: “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 has already secured high-profile partners across the digital asset spectrum, such as Fireblocks, and is also working closely with several prominent beta customers, such as Celsius Network, to iterate and focus their offering to ensure maximum value is provided to the market. The funds raised in this round will contribute to recruiting top talent for the Israeli and US offices, furthering research, and development efforts, and building out a robust product that can serve their customers’ needs.
Redefine was founded in 2021 by Dr. Shira Brezis, who holds a Ph.D. in Law and Economics from the University of Chicago, and Alon Ram, who earned his Master’s in Biomedical Engineering from the Technion-Israel Institute of Technology. Redefine has raised a total of $14 million to date.