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DeFi Risk Assessor Sherlock Raises $1.5M in Pre-Seed Funding
The fundraising was led by IDEO CoLab Ventures, with participation from A.Capital Ventures, Scalar Capital and DeFi Alliance.
Sherlock, a risk-analysis system for decentralized finance (DeFi), raised $1.5 million in a pre-seed funding round.
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Announced Thursday, the fundraising was led by IDEO CoLab Ventures, with participation from A.Capital Ventures, Scalar Capital and DeFi Alliance.
Insurance in crypto is rare, and providing peace of mind within the experimental DeFi space is limited to a handful of solutions, such as Nexus Mutual’s decentralized risk pool approach.
Sherlock uses smart-contract security experts to assess the fundamental risk attached to DeFi platforms. It already has a long list of angel investors, including executives and developers from firms including Aave, Synthetix and Quantstamp.
“Fundamental risk analysis and covering protocols directly is a heavy lift,” Gavin McDermott, partner at IDEO CoLab Ventures in a statement. “But if Sherlock’s model can scale to a meaningful percentage of TVL in DeFi, their network will significantly improve safety for the entire industry.”
CORRECTION (JUNE 3 12:18 UTC): Corrects spelling of investor's name to Synthetix.
See also: Bumper, a DeFi-Based Crypto Volatility Protection Plan, Raises $10M
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
