Runtime Verification Raises $5.3 Million to Advance Blockchain Security
Runtime Verification, a startup that uses runtime verification-based techniques to conduct security audits on virtual machines and smart contracts, has raised $5.3 million in a funding round led by IOSG Ventures.
Investment came from a range of notable VC firms including Fenbushi Capital, Maven 11, Borderless Capital (Algorand), cFund (Cardano) managed by Wave Financial, Hypersphere (Polkadot), Elrond Research, and Tezos Foundation.
With involvement from the accelerator programs of five major blockchains, the fundraiser validated Runtime Verification’s dynamic software analysis approach to securing systems in the cryptocurrency industry.
The funds raised will be used to accelerate the development of tooling intended to enhance the safety, reliability, and correctness of computing systems for blockchain and embedded systems, as well as to expand Runtime Verification’s global presence.
“I would like to thank our investors and partners for supporting and amplifying our mission,” said the company’s founder Grigore Rosu.
“To date, all our funding has been from grants and contracts rather than capital raises. This investment round is therefore a major step for the company, one which will accelerate our growth and impact in the blockchain domain.
“I am very pleased that our investors have embraced our unique language-parametric approach, built over more than 20 years within the K Framework. The generality of our approach allows our tools to be easily configured to work with different programming languages and different blockchains.
“The fact that five blockchains joined our investment round through their funds, based on research from their development teams who witnessed our technology, is a testament to the universality and strength of our K-powered technology.”
“We are truly excited to work closely with Runtime Verification and embark on the next journey to take formal verification to our everyday software systems,” added Xinshu Dong, Partner at IOSG Ventures.
Runtime Verification expects to grow its team significantly over the course of the next year, with plans to release new security tools and products. The company is particularly focused on recruiting team members and clients from the APAC region, having recently created a new business entity in Singapore.
About Runtime Verification Inc
Founded in 2010 by pioneers in the academic field, Runtime Verification Inc is an American startup with a global presence, applying formal methods to improve the safety, reliability, and correctness of computing systems for aerospace, automotive, and the blockchain. The company works with infrastructure builders to provide testing and verification services, and has acquired numerous clients in the embedded systems (NASA, Boeing, Toyota, Denso, NSF, DARPA) and blockchain worlds (Algorand, Cosmos, Elrond, Ethereum, Gnosis, IOHK, Maker, PlatON, Polkadot, Tezos, and Uniswap).
The company’s mission is accessible trustworthy computing. Runtime Verification specializes in generating correct-by-construction implementations and tools automatically, from their specifications. One of the startup’s unique technologies is K, a semantic framework for design, implementation and formal reasoning. K enables language designers to formally define their language using an intuitive notation, and freely generate the implementations and analysis tools for that defined language.