Halborn, a blockchain security firm, has completed a $90 million growth equity financing round led by Summit Partners. The growth equity financing marks the first external funding in Halborn's history, according to the company.
The growth equity financing allows Halborn to expand its global team of offensive security engineers and build its Halborn Labs research and development division, the company said. In addition, the financing supports Halborn's mission to provide Web3 application cybersecurity products and services.
Meanwhile, Summit Partners is well-known across the MSP and MSSP ecosystems. The venture capital and private equity firm's investment portfolio includes MSP software provider NinjaOne and MDR service provider Red Canary.
A Closer Look at Halborn
Halborn was founded in 2019 by ethical hacker Steven Walbroehl and growth hacker Rob Behnke. It offers security products and cybersecurity advisory services to Web3 organizations.
Organizations can use Halborn's products and services to identify and close vulnerabilities in Web3 applications, the company stated. Halborn's core offerings include:
- Advanced penetration testing
- DevOps and automation
- Security advisory
- Smart audits
Halborn's customer base includes Layer 1 blockchains, infrastructure providers, financial institutions and application and game developers. The company does not currently offer a partner program for MSSPs and MSPs.
Demand for Blockchain Is Increasing
Along with Halborn, blockchain security companies Hypr and NuCypher have received funding dating back to 2019. More private equity and venture capital firms may look to invest in these companies and other blockchain security businesses in the future.
The global blockchain market was worth over $400 million in 2017 and could be worth more than $7.6 billion by the end of 2022, according to business software and service reviews provider G2. As this market grows, demand for blockchain security products and services could increase, and more blockchain security solutions could become available.