Mamori Raises $5 Million to Boost Web3 Security with ML Technology

Mamori Raises $5 Million to Enhance Web3 Security and Efficiency

NEW YORK, US - July 4, 2024 - Mamori, a blockchain intelligence startup, has secured $5 million in seed funding to advance its automated value extraction system aimed at improving Web3 security and optimization. The funding round was led by Blockchain Capital, with significant contributions from Velocity, Web3, and a number of angel investors including Grigore Rosu, Daniel Lubarov, Alex Watts, Bo Du, Shujia Liang, Micheal Heinrich, Richard Adjei, and Antonio Viggiano.

Mamori's technology uses machine learning (ML) to address vulnerabilities in smart contracts, which are a known concern in the Web3 space. In 2023 alone, cyber-attacks resulted in losses exceeding $2.4 billion, highlighting the need for advanced security measures. Traditional auditing methods have been insufficient in preventing these threats, necessitating innovative solutions like Mamori's.

The startup’s ML-enabled system aims to protect blockchain ecosystems by identifying zero-day economic exploits and maximizing transaction efficiency. This is achieved through sophisticated algorithms that navigate and optimize blockchain networks, identifying and mitigating unknown vulnerabilities. Mamori's approach combines smart contract auditing with value extraction, offering a comprehensive and future-proof solution to ongoing security challenges.

The funding will further Mamori's goals of refining its technology, which has already entered the proof-of-concept stage. The startup's algorithm has demonstrated effectiveness in leveraging Swarm Intelligence to spot limitations in existing security methods. This innovation is expected to set new standards in smart contract auditing, moving beyond traditional security audits to a more proactive and interdisciplinary method.

Mamori was founded to tackle the significant impact of cyber-attacks and technical exploits within the blockchain industry. The company aims to facilitate the mass adoption of secure smart contract technology, thanks to the support from its investors.