Drosera, a new Ethereum-aligned security automation layer positioned as the immune system for Ethereum, has closed its latest investment round, increasing the total raised to $4.75 million. The raise, managed by Greenfield Capital, received participation from numerous renowned funds, including Anagram, Paper Ventures, Arrington Capital, UDHC, and Pulsar. Multiple angel investors also invested funds, among them 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.
“We are thrilled to have the support of so many esteemed investors as we strive to set a new and elevated standard for protocol security,” said Samuel Glenn (Bobafetador), co-founder and CTO of Drosera. “Drosera acts as Ethereum’s immune system by arming protocols with the ability to detect and neutralize threats before they can cause harm. By significantly reducing the risk of exploits, we are building a more resilient and trustworthy DeFi ecosystem.”
Drosera provides a state-of-the-art solution, as exploits made possible by security flaws and vulnerabilities have affected over 3,700 web3 protocols.
“This raise is a pivotal milestone for Drosera as we continue our mission to redefine security standards within the decentralized finance space,” said Fernando Reyes (FDR), Founder and CEO of Drosera.
“This funding will enable us to scale and push the boundaries of what’s possible in protocol security, ensuring that every project built on Ethereum can operate with greater resilience against the ever-evolving landscape of cyber threats. Honing in our mission to actualize a Web3 without Compromise”
Protocols can assign security infrastructure to a decentralized network of node operators thanks to Drosera’s novel approach, which is modeled after Ethereum’s immune system. Like antibodies in a biological immune system, this system recognizes and eliminates threats instantly to protect the network. This is how it operates:
- Traps, highly configurable Solidity-based smart contracts that specify application security parameters, are created by protocols.
- By depositing money into Traps, protocols add value for third-party operators who actively monitor Ethereum data using the Drosera Client and react to potentially dangerous events: When a breach is detected, operators must take immediate action.
By aligning incentives across operators and protocols, Drosera’s system creates a new economy that anticipates will become the norm for web3 security. With more than 25 protocols, including Ion Protocol, EtherFi, and Gravita, committed to its Testnet, the network has already grown tremendously. Additionally, it has partnered with security expert GoPlus and established alliances with a number of node operators, including Infstones, Everstake, Cosmostation, a41, and Blockscape.
“We are excited about the experienced team and its relentless drive to redefine on-chain security.” said Greenfield Principal Jendrik Poloczek “In DeFi, economic audits and bug bounties are simply not enough. Drosera provides the crucial building block of holistic real time threat detection and incentivized response.”
“Drosera’s approach to Web3 security leaves no stone unturned,” said Paper Ventures Partner Ivailo Jordanov. “By leveraging a decentralized network of node operators, they are creating a new and exciting paradigm for security at the protocol level. We look forward to seeing the impact the network has on the industry going forward.”
Drosera’s funds will be utilized to hire staff, expedite product development, and get ready for the mainnet’s Q2 2024 debut.