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Web3 security infrastructure Start-Up Chainrisk Raises Pre-Seed Funding Led By Antler

Chainrisk is building the infrastructure to secure the DeFi ecosystem against economic exploits and market risks which have led to losses of over $3B in the last 3 years

Web3 security infrastructure Start-Up Chainrisk Raises Pre-Seed Funding Led By Antler
POSTED ON December 09, 2023 9:07 PM

Chainrisk, an economic risk management software for Web3, has raised an undisclosed pre-seed funding led by Antler in India. The funds will be mainly used in product engineering and early distribution. 

Security threats are a huge challenge for Web3 protocol developers and Chainrisk is designed to stress-test a protocol against complex economic scenarios by running thousands of agent-based simulations. Chainrisk’s custom engine is 150x faster than the current test-driven tools, helping create a robust security ecosystem with built-in analytics, risk monitoring and alerting dashboards. 

Chainrisk was founded by IIT dropouts Sudipan Sinha and Arka Datta who were a part of the Antler India Fellowship for student founders. The startup was also awarded with EthIndia grants twice and a grant from the Starknet ecosystem. 

Sudipan Sinha, co-founder and CEO of Chainrisk added - “DeFi has lost around $3B worth of assets due to economic and market exploits in the last 3 years. The rate of exploits is spiraling out of control. Every DeFi protocol goes through multiple rounds of mechanism design tests against adversarial market conditions while developing new features/versions. The only way to do it today is to use certain test-driven development tools. These tools are extremely difficult to configure for agent-based simulations, and also show high latency, and low fidelity, making it hard to handle high-throughput backtesting of strategies. We at Chainrisk are building the tech to enable protocol engineers to take a simulation-driven approach against a test-driven approach.” 

Commenting on the investment, Nitin Sharma, partner at Antler in India, added - “Despite a tough market, we continue to be bullish on founders building in Web3 from India. Security monitoring, though obviously critically important, remains an underdeveloped area within Web3, compared to Web2. Chainrisk is building a superior security mechanism that Web3 protocols and investors can use to safeguard against ever-emerging market risks. We are thrilled to partner with young and promising founders like Sudipan and Arka as they aim to build the most reliable Web3 security platform.” 

Founded in 2017, Antler concluded its first close of its maiden fund at Rs 500 with the aim to complete the final close at Rs 600 crore. The firm said that it intends to invest in more than 100 early age start-ups. To date, Antler has invested in over 950 companies globally, it claimes. 

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