Image source: Resonance Security
Having experienced business growth since launching its beta offering last year, Resonance Security aims to become the go-to security platform for Web2 and Web3 businesses.
According to a press release shared with Cybersecurity Insiders, the startup has just secured $1.5 million in a pre-seed funding round. The investment was led by experienced blockchain-focused venture capital firms such as Arca, the backer of notable projects such as Immutable X, Ansible Labs and Bitwave, as well as Fabric VC and the Blockchain Founders Fund.
Resonance is building what it insists is a truly “one-of-a-kind” cybersecurity offering that encompasses the expertise of some of the industry’s top pentesters and professional code auditors, with a comprehensive suite of security tools and a heavy dose of automation. By combining these elements, Resonance aims to help projects proactively assess their overall security, identify their biggest weaknesses, and fill those gaps in the fastest time possible, and do it all without dedicating millions to their security budgets.
Having been fully bootstrapped up until the recent launch of its platform in general availability, Resonance decided that the time is ripe to secure its first-ever outside funding and accelerate adoption of its platform, which has already gotten the attention of hundreds of Web3 projects.
Resonance launched its full platform in March after a highly successful beta phase, during which time it secured 100% client retention, such was the level of satisfaction with its comprehensive security offerings. The company, which started out with a team of just four, now counts 14 staffers in total at its new head office in New York City.
Resonance founder and Chief Executive Charles Dray told Cybersecurity Insiders that his company has created the “ultimate cybersecurity experience” and that the next step is to build on that work to deliver an “even more robust institutional platform” to secure against emerging threat types. In addition, the company wants to create a more customized security offering especially for consumers.
Considering the size of today’s round, they may seem like ambitious goals, but Resonance has carefully crafted a growth strategy that should enable it to achieve them. The main focus will be on expanding its customer base and growing its annual recurring revenue, with an eye to launching V2 of its platform and its consumer-facing offering in the coming months. Along the way, Resonance also intends to grow its customer support teams and double down on sales and marketing.
Anil Hansjee of Fabric VC, which has backed some of the biggest names in crypto, such as Coinbase, Ledger, Messari, Near and Polkadot, said expectations around Web3 cybersecurity are increasing as the industry matures. These days, Web3 projects have no choice but to secure themselves against a growing threat landscape, or risk losing all credibility.
“Fabric believes Resonance’s software is well placed to become an integral tool in an increasingly regulated space, and a benchmark to give users greater peace of mind,” Hansjee said.
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