Binance Labs, the venture capital and incubation arm of Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Tuesday that it led the pre-seed funding round for Ancilla, Inc.
Ancilla was founded in 2022 and offers real-time and automated threat detection in the blockchain space and software-as-a-service (SaaS) products for better fraud prevention. The startup’s platform collects off-chain and on-chain data to monitor the protocol 24/7 and generate security alerts using machine learning technology.
The press release published by Binance Labs did not disclose the invested sum but only revealed that the venture capital arm of the Binance cryptocurrency exchange led the initial funding. In June, Binance Labs secured $500 million in investment funds to support Web3 projects. Ancilla, which offers innovation in Web3 security, joined the ranks of startups that could receive support from this pool.
“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,” Yi He, Co-Founder of Binance and Head of Binance Labs, said in a statement.
Received funds will help Ancilla build a bigger team, accelerate the development of the threat detection platform and widen the range of current use cases within the Web3 industry. The key offering of the project includes smart contract audits, malicious activity detection, fraud and hack prevention.
$500m to Fund Web3 Projects
As mentioned above, Binance Las secured $500 million in investment funds a few months ago. DST Global Partners, Breyer Capital and Whampoa Group were the global institutional investors contributing to the fund.
“In a Web3 environment, the connection between values, people and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto,” Changpeng Zhao, Binance’s Founder and Chief Executive Officer, explained in June.
Binance Labs is regularly supporting perspective crypto and Web3 companies; in June, it participated in Community Gaming’s, a major esports competition platform, $16 million Series A investment round. A month earlier, it supported Aptos Labs, a Layer 1 blockchain.
