Blockchain security firm Halborn secures $90M from investors

The Series A funding round was led by Summit Partners, with participation from Castle Island Ventures, Digital Currency Group and Sky Vision Capital among others.

Halborn, a blockchain security startup based in Miami, has secured $90 million from investors in its series A funding round, Bloomberg reported on Tuesday.

The firm, whose core services include security advisory, advanced penetration testing and smart contracts audit, said the funding round was led by Summit Partners.

Other participants included Castle Island Ventures, Digital Currency Group, Third Prime, Sky Vision Capital, Fenwick and Brevan Howard.  The startup did not provide a valuation.

Security focus despite crypto winter

Halborn’s financing comes amid a crypto winter that has prices of Bitcoin and other cryptocurrencies battered and a market environment that has seen several companies crash due to contagion.

But while the outlook for many crypto companies hinges on the market trajectory, it’s almost business as usual for Halborn. According to the firm’s CEO Rob Behnke, focusing on cybersecurity has helped the startup stay buoyant as price “has nothing to do with [its] business.”

He noted that their main motivation is growth for the industry, with security critical as bad actors continue to search for vulnerabilities and ways to steal crypto.

The backdrop to this is an increased demand for cybersecurity services, Behnke added.

Halborn, which was founded in 2019, has grown its employee numbers to 100 and collaborates with top crypto companies including Coinbase and Solana on risk assessment and platform security.

The company also counts global tech giant Amazon, investment banking firm BNY Mellon and sportswear behemoth Nike among those it advises.