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Binance Labs Leads Pre-Seed Funding Round for Ancilia, Inc. to Support Innovations in Web3 Security

2022-10-25

Main Takeaways:

  • Binance Labs has led the pre-seed funding round for Ancilia, Inc. in its latest step toward fortifying the security of the Web3 ecosystem. 

  • Ancilia provides automated and real-time threat detection and prevention software-as-a-service (SaaS) products, powered by its proprietary behavior analysis technology.  

  • Ancilia was founded by a group of security industry veterans and former senior executives from Palo Alto Networks, Department of Energy, Department of Defense, McAfee, and other industry titans.

Binance Labs, the venture capital arm and accelerator of Binance, led the pre-seed funding round for Ancilia, Inc. as it continues to support innovations in the Web3 security space. Founded in 2022, Ancilia provides automated and real-time blockchain threat detection and prevention software-as-a-service (SaaS) products. 

Yi He, Co-Founder of Binance and Head of Binance Labs, said: “We are still in the early years of the Web3 industry. To facilitate wider adoption of Web3 technology, prioritizing security and user protection are paramount. At Binance Labs, we are on the continued lookout for projects that offer innovative security solutions. Founders of these projects understand the importance of building a safe and sustainable ecosystem for users, and we are ready to support them.” 

Ancilia’s platform runs 24/7, collecting both on-chain and off-chain data to provide in-depth analysis using a real-time threat detection engine. It adopts decoders to automatically monitor the protocol in question and generate useful signals, which are then sent to Ancilia’s unique correction engine to deliver machine learning-based security alerts. 

Huagang Xie, CEO/Co-Founder of Ancilia, Inc. and former SVP at Palo Alto Networks, said: “At Ancilia, we believe in a future where there is a secure Web3 world for everyone to participate in. It is our mission to protect such a world by building the most effective and easy-to-adopt security solutions. We are very pleased to have Binance Labs as our investor and strategic partner to support us achieve our goal and mission.” 

Ancilia will use the funds raised to expand its team, broaden the range of its use cases across the Web3 ecosystem, and accelerate the development of its behavior-based threat detection platform. In the past, the Ancilia team was among the first to ring the alarm on some high-profile attacks, including the Transit Swap and Xave Finance hacks. The project’s key offerings include but are not limited to:  

  • Hack prevention.

  • Fraud detection and prevention.

  • Malicious and abnormal activity detection.

  • Smart contract audit and analysis.

Nicola W. from the investment team of Binance Labs commented: “Ancilia, Inc. provides full lifecycle protection of smart contracts using multiple detection toolkits and logics. Its comprehensive decoder system, machine learning-based detection capacity, and cross-chain correlation technology can dynamically prevent a hack before/when it happens. The team has launched its beta product with full usability and high accuracy rate. We look forward to working with Ancilia to address the many pain points faced by the Web3 security ecosystem.”

About Binance Labs 

Since 2018, Binance Labs has invested in more than 200 blockchain projects from over 25 countries. It has also incubated about 50 goal projects that are native to Web3 via the Binance Labs Incubation Program, including Polygon, Perpetual Protocol, Dune Analytics, and more. As the venture capital arm and accelerator of Binance, Binance Labs is on the continued lookout for the next big Web3 innovation.

For more information, follow Binance Labs on Twitter.

About Ancilia, Inc. 

Ancilia, Inc. is a Web3 cybersecurity company founded in 2022 by a group of security industry veterans who worked at Palo Alto Networks, Department of Energy, Department of Defense , McAfee, and more. The team has over 60 years of combined experience. 

Ancilia offers a real-time threat detection and prevention software-as-a-service (SaaS) product. The team was among the first to report on Transit Swap’s hack in October 2022. Its mission is to ensure a secure Web3 world by offering the most effective and easy-to-adopt security solutions. 

For more information, follow Ancilia on Twitter and LinkedIn.