Maven 11 Capital is proud to announce that we are backing Runtime Verification in their USD 5.3M funding round which was led by IOSG Ventures. In fact, it was the first outside funding ever for Runtime Verification. Runtime Verification is a company offering security audits on virtual machines and smart contracts on blockchains.
The importance of their product offering cannot be understated. We speak to founders on a daily basis and they state that they would feel more assured knowing their protocols are as secure as possible. This has become even more relevant due to the rapid growth of the DeFi sector where billions of assets are secured by smart contracts and the blockchains they live on. As the industry grows, these billions will become trillions, and the pressing need for secure software increases exponentially.
“I would like to thank our investors and partners for supporting and amplifying our mission. This investment round is a major step for RV, one which will accelerate our growth and impact in the blockchain domain. With the amount of activity in the blockchain space alone, we are expecting to grow our team significantly during the next 12 months. You will also see RV release new security tools and products like RV Care, and increase the amount of projects with our blockchain partners.” - Grigore Rosu, Founder Runtime Verification
Runtime Verification was founded back in 2010 as a company to help with mission-critical software development for organisations like NASA, DARPA and Boeing. Since then, they have transitioned into a blockchain security company. Focusing on the industry full-time since 2017. Runtime has a history of working with the most notable projects in our industry, a recent prominent example of this is their provision of a security audit for the ETH 2.0 deposit contract which currently secures over 5,000,000 ETH.
“Security is key for DeFi to mature even further. We cannot expect this to grow to a trillion dollar industry without institutional grade security. Runtime Verification provides exactly that. By using formal verification they go a step further than other audits and provide security while working alongside teams. We are excited to kick off the next growth phase for the company.” - Balder Bomans, Managing Partner Maven 11 Capital
The funding will be used to expand the product offering of Runtime Verification, making their RV Care program and other security tools widely available in the industry. Additionally, hiring will be ramped up; they are currently hiring for the following roles and intend to increase their presence in Asian and European markets.
We are excited to be working alongside the Runtime Verification team and look forward to providing the industry with more security over the coming years.