Runtime Verification Inc. is a startup company aimed at using runtime verification-based techniques to perform security audits on virtual machines and smart contracts on public blockchains. It is dedicated to using its dynamic software analysis approach to improve the safety, reliability, and correctness of software systems in the blockchain field. It is a dynamic software analysis approach that analyzes programs as they execute, observing the results of the execution and using those results to find bugs.
The platform heartily announced that they have raised $5.3 million to advance blockchain security. The funding round was led by Fenbushi Capital, Maven 11, Borderless Capital (Algorand), cFund (Cardano) managed by Wave Financial, Hypersphere (Polkadot), Elrond Research, and Tezos Foundation.
With involvement from the accelerator programs of five major blockchains, the fundraiser validated Runtime Verification’s dynamic software analysis approach to securing systems in the cryptocurrency industry. The funds raised will be used to accelerate the development of tooling intended to enhance the safety, reliability, and correctness of computing systems for blockchain and embedded systems, as well as to expand Runtime Verification’s global presence.
“I would like to thank our investors and partners for supporting and amplifying our mission. To date, all our funding has been from grants and contracts rather than capital raises. This investment round is therefore a major step for the company, one which will accelerate our growth and impact in the blockchain domain. I am very pleased that our investors have embraced our unique language-parametric approach, built over more than 20 years within the K Framework. The generality of our approach allows our tools to be easily configured to work with different programming languages and different blockchains. The fact that five blockchains joined our investment round through their funds, based on research from their development teams who witnessed our technology, is a testament to the universality and strength of our K-powered technology.”—Grigore Rosu, Runtime Verification Inc. Founder
Runtime Verification expects to grow its team significantly over the course of the next year, with plans to release new security tools and products. The company is particularly focused on recruiting team members and clients from the APAC region, having recently created a new business entity in Singapore.
ABOUT Runtime Verification Inc.
Runtime Verification Inc is an American startup with a global presence, applying formal methods to improve the safety, reliability, and correctness of computing systems for aerospace, automotive, and the blockchain. The company works with infrastructure builders to provide testing and verification services, and has acquired numerous clients in the embedded systems (NASA, Boeing, Toyota, Denso, NSF, DARPA) and blockchain worlds (Algorand, Cosmos, Elrond, Ethereum, Gnosis, IOHK, Maker, PlatON, Polkadot, Tezos, and Uniswap).