The company completed a $2M funding round led by JVP, will join JVP’s Cyber Labs in Be’er Sheva
Be’er Sheva, October 16th, 2018 – Israeli start-up Valid Network, which developed a unique technological solution for securing Blockchain-based enterprise business processes, announced the completion of an initial $2M funding round, led by JVP VC. Valid will join JVP Cyber Labs in Be’er Sheva.
Valid developed an unprecedented protection solution for enterprises utilizing blockchain-based services, in an effort to streamline their business and prepare for global market access. Valid’s platform is a multi-stage solution for protecting Smart Contracts throughout their lifecycle and includes: Code Vulnerability Detection, Intrusion Detection, Version Compatibility Checks and Anomaly Detection – while focusing on Fraud Prevention, Regulation and Continuous, Real-Time Assurance.
Valid was founded by Kfir Nissan and Gilad Eisenberger. Nissan, the company’s CEO, is a serial entrepreneur with vast experience in IT, founded several start-ups including Distribyte. Eisenberger, co-founder, was until recently Senior Developer at Microsoft’s Israeli R&D Center.
During the past year, the Blockchain ecosystems has matured from a technology being experimented with at Enterprises to one that powers critical operational systems, generating real value. The technology’s next step in adoption requires market solutions enabling policy enforcement and good governance. A shift in focus has begun over the past few months towards solutions complementing core Blockchain systems, as opposed to the previous focus on its core technology. The current investment in Valid proves yet another step in this ongoing shift.
Blockchain technologies’ growth brings with it new challenges. In addition to the crypto currency market, strongly associated with the technology, an intrinsic desire for protection and control of Smart Contract-based enterprise services continues. Recently, large enterprises have begun adopting Blockchain solutions, powered by Smart Contracts, to replace existing applications. These changes are driven by the needs for Security, Visibility, Cost Management and Business Requirements in fields like Supply Chain Management, Financial Transactions, and others. Smart Contracts surface new challenges, including Cyber-Security, Risk Management, Assurance Processes and Compliance within these organizations. Valid’s system provides visibility into all business activity powered by the Blockchain solution, and full insights into the contracts’ behavior at any time, and protecting both new and existing Smart Contracts.
“Blockchain technologies (DLT) are the basis of a global-scale revolution in business models, management methodologies and changes computing technologies paradigms with-in Enterprises, said Kfir Nissan, Valid CEO and co-founder, “Valid Network’s platform accelerates Enterprise adoption of the technology while maintaining Cyber-Security and Operational Excellence. Our solution provides unprecedented, full transparency into technology infrastructure for management, and an automated risk management solution for Cyber Security and Assurance teams.”
According to Gadi Portal, JVP Partner: “Valid is not like other Cyber companies. The company’s technology is a significant breakthrough in protecting Blockchain systems, and unseen until now. More and more large organizations are recently adopting Blockchain-based technologies for internal use. Currently missing is the ability to make this technology available and safe. Valid’s technological solution is the key to safe, efficient and reliable Enterprise adoption of Blockchain technologies, with real-time monitoring and detection”.
Valid joins JVP Cyber Labs in Beer Sheva, JVP’s early stage cyber investments arm aims to build tomorrow’s leading cyber security and data analytics innovators. The JVP Cyber Labs enjoyed its first exit when PayPal acquired disruptive technology-provider CyActive and has a strong role in growing Israel’s leading Cyber Security companies such as ThetaRay who recently raised $30M and Morphisec who recently raised $12M and awarded by the Department of Homeland Security for Development of Enhanced Moving Target Defense for Virtual Systems. Recently, JVP announced the opening of its new cyber center in New York, Hub. NYC By JVP, in partnership with New York City Economic Development Corporation (NYCEDC).
Valid Network, was founded in 2018 with the goal of helping organizations adopt Blockchain technologies (DLT) through the founders’ long-time experience with Distributed Systems and the difficulties in integrating such systems. Valid’s solution monitors a mix of traditional and Blockchain based business transactions to provide maximum visibility, which results in greater credibility and trust. Valid’s platform is based on smart Machine Learning and Data Mining algorithms, which utilize distributed infrastructure to create an insightful data-flow for Cyber, Risk Management and Assurance teams. Valid has continuous relations with the industry’s leading actors, including Assurance and Auditing firms, Consulting Services Providers and Development Firms. https://www.valid.network/
About Jerusalem Venture Partners (JVP):
Jerusalem Venture Partners (JVP), is an internationally renowned venture capital fund based in Israel. Established in 1993 by Dr. Erel Margalit, JVP has raised to date $1.3 billion across 8 funds, and has been ranked numerous times by Preqin as one of the top-ten consistently performing VC firms worldwide. JVP has built over 120 companies, leveraging a broad network of partners and market expertise to help companies to become global market leaders. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ and numerous industry sales. With a view to building industry leaders, JVP invests in early through growth stage companies in the spaces of Cyber-Security, Big Data, Fintech, Enterprise Software, Storage, Mobile, Media and IoT.