Resonance raises $1.5 million to disrupt cybersecurity

Rick Steves

Resonance Security, a cybersecurity provider within the Web2 and Web3 ecosystems, has plans to accelerate its expansion following a $1.5 million pre-seed funding round co-led by Arca, Fabric VC, and Blockchain Founders Fund.

Resonance Security

After launching in March 2023, Resonance is proving its worth with its cybersecurity suite which provides organizations with an enhanced level of protection against existing and future threats. The firm’s capabilities feature penetration testing, extensive code audits, and best-of-breed security tooling covering 70-80% of attack vectors outside of traditional cybersecurity audits.

Resonance Security team at 2024 Paris Blockchain Week.
Resonance Security team at 2024 Paris Blockchain Week.

Automated threat analysis, notifications, audits

Resonance combines automated threat analysis with comprehensive audits to identify vulnerabilities and weaknesses in any information technology stack. According to the firm, each project is comprehensively assessed and given a “Security Score” that identifies any weaknesses it needs to address, helping it stay ahead of emerging threats in real time.

Its patent-pending guidance and notification technology acts as a kind of security concierge that guides users through the steps they must take to bring their security posture up to standard and eliminate hacker honeypots: it enables projects to demonstrate to creditors, exchanges, investors, and their communities that they take cybersecurity seriously, merging offensive security with customized security tooling covering the most common attack vectors projects forget about.

Resonance also features security auditors which are said to be among the best in the business, conducting a detailed analysis of customers’ code, including smart contracts written in Solidity, Rust, Cadence, and more.

It was in March of this year that Resonance launched version one of its platform after a highly successful beta phase. Since going live with its beta phase in March 2023, the firm has accomplished a 100% client retention rate. The team has grown from a headcount of 4 to 14, with a head office established in New York, to address customer demand and product development.

Resonance has plans to use the pre-seed funding to fuel customer acquisition, prepare the launch of V2, Resonance’s consumer platform, expand its customer support team, and accelerate sales and marketing activities.

Automating clients’ cybersecurity needs

Charles Dray, Founder & CEO at Resonance, commented: “Our approach, which blends software and services into a unified 360-degree cybersecurity experience, has proven quite successful. We’ve taken decades of career journeys and hundreds of customer experiences to create the ultimate cybersecurity experience. Our goals for the future include building upon our work to deliver an even more robust institutional platform covering any emerging threats and also delivering a customized offering specifically for consumers. We look forward to continuing to go above and beyond to serve the global community.”

Michal Benedykcinski, SVP Ventures, Arca, said: “Resonance’s end-to-end approach aims to close out the gap by automating their clients’ cybersecurity needs and accurately matching them with the best solutions in the market. We see Resonance’s role as mission-critical in amplifying the cybersecurity resilience of web3 projects by enabling better accessibility.”

Mansoor Madhavji, Partner, Blockchain Founders Fund, added: “Resonance Security is making significant strides in simplifying cybersecurity for Web3, which is essential for bringing this technology into the mainstream. Their holistic approach is exactly what’s needed to build trust and broaden adoption.”

Anil Hansjee, General Partner, Fabric VC, stated: “As projects are gaining maturity the expectations around security are increasing, alongside growing threats, we believe we are at an inflection point. Fabric believes Resonance’s software is well placed to become an integral tool in an increasingly regulated space, and a benchmark to give users greater peace of mind.”

Read this next

blockdag

Top Bullish Crypto: Fetch.ai & Pepe Coin Price Surge, But BlockDAG Sees Investor Rush as X Series Miners Stand Out

Compare Fetch.ai (FET) Bull Run, Pepe Coin price, and top bullish crypto BlockDAG. Discover why BlockDAG’s innovation and growth potential make it the best choice.

Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.

Chainwire

Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets

Gate.io shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.

Chainwire

Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.

<