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Blockchain Security Startup Mamori Raises $5M to Use Machine Learning to Detect Exploits
Blockchain Security Startup Mamori announced today has raised $5 million in seed funding for its platform that uses machine learning to detect and fix exploits.
The round was led by Blockchain Capital. Velocity Capital and Web3.com also participated in the round, the company said, along with angel investors Grigore Rosu, Daniel Lubarov, Alex Watts, Bo Du, Shujia Liang, Micheal Heinrich, and Antonio Viggiano.
The company uses machine learning algorithms to find paths through blockchain code to uncover issues in smart contracts, which are self-executing computer programs that, when triggered by certain conditions, can contain undiscovered “zero-day” exploits that are difficult for algorithms designed to detect known historical flaws.
Smart contracts are essential for blockchain applications to run token economies to execute trades, lend, generate interest and dividends, allowing developers to create complex systems like blockchain-based video games. The more complex a blockchain application becomes along with the smart contracts it is built on, the greater the chances that a vulnerability exists within the code.
Mamori said it uses “interdisciplinary technologies” to protect against “unknown unknowns” and detect these vulnerabilities before they become full-blown code problems. The same machine learning algorithms can be applied to address scalability and automation challenges, the company said.
“Mamori’s tools help eliminate programming errors while learning contract specifications, semantic-based formal verification tools prove that the program is correct with respect to the specifications, so the proof of correctness is [zero-knowledged] and posted on the chain as verifiable evidence,” Mamori’s adviser, Grigore Rosu, said in a statement.
The company said it hopes this new machine learning-based method for addressing vulnerabilities and programming challenges in blockchain code will help developers create more secure and better optimized smart contracts.
“Increased innovation in the security and protection of smart contracts will be critical to the widespread adoption of cryptocurrencies,” She said Joshua Rivera, Operating Partner and General Counsel at Blockchain Capital.
The number of blockchain security incidents in 2023 included over 700 exploits triggered by smart contract vulnerabilities, which generated more than Losses of $2.4 billionBlockchain companies spend billions of dollars on audits and security teams testing their smart contracts before deployment, and they are still imperfect.
Image: Nepool
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