Spearbit Secures $7M Funding Boost for Crypto Security Audits
Spearbit Secures $7M Funding Boost for Crypto Security Audits
Spearbit, a decentralized network, has received a significant injection of $7.00 million in funding to drive innovations in security audits.
This latest development has been facilitated through the inventive open marketplace of the platform, reflecting the pressing importance of security in the cryptocurrency space.
According to TechCrunch, Framework Ventures took the lead in the funding initiative, accompanied by Nascent, 1kx, Volt Capital, Breed VC, and Robot Ventures.
This financial injection will focus on expanding Cantina, Spearbit's open marketplace for web3 security auditors.
In addition to supporting the growth of Cantina, the funding will facilitate the recruitment of additional software engineers, an instrumental step aimed at enhancing automation services.
Spearbit's journey has been marked by progressive financial support. With a pre-seed funding round of $1.50 million in late 2021, the recent $7.00 million boost brought a total of $8.50 million in capital.
Although the precise valuation remains undisclosed, PitchBook data indicates the company's estimated value is around $48.00 million post-funding.
In recent months, Spearbit has demonstrated notable progress through collaborations with major clients such as OpenSea, Nouns DAO, and Polygon.
Subsequently, the firm’s immediate focus revolves around the launch of its two products, Cantina Managed Service and Cantina Guilds.
Spearbit's marketplace aims to empower auditors by ensuring a more equitable income distribution, a shift from the traditional practice where firms retain the majority of margins.
Under the Cantina model, auditors are subject to a fairer 20 to 30% cut, enhancing their earning potential.
Remarkably, Spearbit's Cantina strives to democratize visibility for independent auditors and smaller teams, eliminating the need for extensive marketing or legal personnel.
Spearbit's ongoing commitment to innovation and transparency holds the potential to redefine the landscape of crypto security, advancing a safer and more secure crypto ecosystem.
