Blockchain security startup Redefine is raising $ 11 million and exposing the world’s first firewall for crypto transactions in the field of DeFi.
Redefine was founded in June 2021 by Dr. Shira Berzis (CEO) and Alon Ram (CTO), who recognized technological roles they held in the defense system until about a year ago. Alon holds a master’s degree in biomedical engineering from the Technion, and Shira holds a doctorate in law and economics from the University of Chicago. Both have over a decade of experience in cyber and a significant connection to the world of digital currencies into which they entered at an early stage. They met about four years ago in the innovation department set up in the Prime Minister’s Office, joined forces and set up the organization’s fintech laboratories, where for the first time in their professional careers they combined crypto, which until then had been a hobby for both.
The startup Redefine operates in the heart of the blockchain industry in the field of distributed finance called DeFi, short for Decentralized Finance, a term that sounds, not coincidentally, like the verb DEFY, defiant. The field is growing rapidly and is now estimated at $ 100 billion. The DeFi market is challenging traditional financial systems with a wide range of innovative products, including digital currency loans, savings plans and deposits. Along with the tremendous opportunities that offer attractive returns, full transparency, efficiency and groundbreaking technology, the new field creates security risks, which have materialized with thefts of about $ 12 billion in cyber attacks over the past two years.
Redefine’s platform is the world’s first firewall in the field of DeFi and is initially intended for institutional investors operating in the industry. It performs automated risk analysis, monitors changes in the market in real time and even actively saves funds in the event of a cyber attack. The system emphasizes the automation of due diligence and risk monitoring processes – which have been carried out manually so far, and allows investors to invest in the latest projects and monitor the risks involved in their positions optimally. Redifine works in collaboration with top companies in the field such as Fireblocks and has started working closely with a number of prominent beta customers, such as Celsius Network, to target the product and fully adapt it to market and customer needs.
Shira Berzis, co-founder and CEO of Redefine: “Creating a safe environment for merchants is critical to the development of the DeFi domain, which is another important step in the implementation of the crypto ideology. The vision is to create an egalitarian society in which everyone has access to financial products, without the need for the mediation of third parties who sometimes operate in discriminatory and self-interested policies. It is a powerful movement towards the democratization of the world economy. The idea is that everyone in the world can participate when all it takes is an internet connection and a digital wallet. “
The raising was led by Ribbit Capital from Palo Alto, and with the participation of Jump Capital and ParaFi Capital at a value of $ 50 million. Ribbit Capital is a well-known venture capital fund that focuses its investments in the fintech and blockchain industries, and has proven experience as an early stage investor in companies such as Coinbase, Robinhood and Chainalysis.
ParaFi Capital and Jump Capital, are well-known American funds that focus on early-stage investments in fintech and blockchain companies through their venture capital arms. This funding comes in addition to a $ 3 million pre-seed round raised in June last year, led by More VC and Accomplice Blockchain, which also participated in the current round. The two funds merged forces with Redefine at an early stage and brought to the table a combination of cyber expertise and blockchain.
The company employs 14 people at a development center in Israel and the United States, most of them with backgrounds in IDF technology units. The funds raised will be used to expand in Israel and New York, recruit employees for research and development and build a strong product that can serve the needs of customers.