Octane, a San Francisco startup working on technology to analyze blockchain smart contracts for vulnerabilities, has raised $6.75 million in a seed funding round led by Archetype and Winklevoss Capital.
The company said venture capital firms Gemini, Circle, Legion Capital, Druid Ventures, and Duke Capital Partners also took equity positions.
Octane said it is building technology to continuously review on-chain code to detect security weaknesses and recommend one-click fixes.
The company is betting there’s a big market for tooling to help developers secure smart contract applications before and during deployment.
“Flawed blockchain code enables billions in theft across crypto, with vulnerable smart contracts creating an ever-expanding attack surface as more value enters the ecosystem,” said Octane chief executive Giovanni Vignone.
Octane said it is using AI and machine learning technologies to “battle-test smart contracts” and a vulnerability detection system to pinpoint niche, protocol-specific bugs alongside typical coding issues.
Octane is also pitching a Code Fix Engine to mitigate vulnerabilities in Solidity smart contracts.
Octane intends to use the new funds to accelerate product development, expand its team, and scale its platform across the crypto development community.
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