Chaos Labs Secures $55M for DeFi Security
This significant investment marks a pivotal moment for Chaos Labs as they aim to broaden their product offerings and improve security and efficiency within DeFi ecosystems
August 16, 2024 07:00 AM
Reading time: 1 minute, 35 seconds
TL;DR Chaos Labs has raised $55 million in a Series A funding round led by Haun Ventures, with participation from multiple high-profile investors. The funds will be used to enhance their onchain economic security solutions and risk management platform for DeFi protocols.
Chaos Labs has secured $55 million in a Series A funding round to enhance its onchain economic security solutions.
According to a Thursday announcement by Chaos Labs, the funding round was led by Haun Ventures and received investments from Lightspeed Venture Partners, Galaxy Ventures, Wintermute Ventures, PayPal Ventures, Coinbase Ventures, and several other new investors.
Other angel investors included OpenAI Chief Product Officer Kevin Weil, Fireblocks CEO Michael Shaulov, Solana CEO Anatoly Yakovenko, Phantom Chief Technology Officer Francesco Agosti, and Talos CEO Anton Katz.
Improving DeFi Security and Efficiency
The funds will be used to advance the development of the company's risk management platform, designed to support decentralized finance (DeFi) protocols.
This investment will enable Chaos Labs to broaden its product offerings and enhance its operations to improve security and efficiency within DeFi ecosystems.
"As onchain finance matures to compete with its centralized counterparts, the need for world-class risk management tools, designed from the ground up for the blockchain stack, is clear and intuitive," said Haun Ventures General Partner Diogo Mónica.
Chaos Labs' Growth and Visions
The release stated that over the past year, Chaos Labs expanded its customer base, now supporting over 20 protocols, including Aave, GMX, and Jupiter. Its risk management technology secured $860 billion in cumulative trading volume, $25 billion in loans, and $35 million in incentives.
"Our north star has always been high-quality data informing high-quality risk management. Crypto is among the most volatile asset classes today," said Chaos Labs founder and CEO Omer Goldberg.
"Yet, most DeFi applications remain static, relying on stale parameters that take hours or days to update. The future of decentralized finance needs modern, dynamic data infrastructure," said Goldberg.
He indicated that Chaos Labs is developing new products that integrate off-chain market data, observability, and alerting with dynamic risk adjustments. They are seeking to enhance their existing platform to allow for real-time updates based on current market conditions.
