Drosera Secures $4.75M to Strengthen Ethereum Security with Decentralized Threat Detection

Drosera, a pioneering Ethereum security automation layer, has raised $4.75 million in its latest funding round led by Greenfield Capital, with participation from Anagram, Paper Ventures, Arrington Capital, UDHC, and Pulsar, along with prominent angel investors.

Designed as Ethereum’s immune system, Drosera enhances protocol security by detecting and mitigating threats before they cause damage. The funding will accelerate product development, team expansion, and mainnet launch preparations for Q2 2024.

“We are setting a new standard for protocol security by proactively identifying and neutralizing risks,” said co-founder and CTO Samuel Glenn (Bobafetador). CEO Fernando Reyes (FDR) emphasized that Drosera’s system will provide a resilient security infrastructure for Ethereum-based projects.

With over 3,700 Web3 protocols having suffered from exploits due to vulnerabilities, Drosera offers a unique solution. It enables protocols to create “Traps,” Solidity-based smart contracts that define security parameters. These traps incentivize node operators, including Infstones, Everstake, Cosmostation, a41, and Blockscape, to monitor Ethereum activity and respond to threats in real-time. The network has already onboarded 25 protocols, including Ion Protocol, EtherFi, and Gravita, and partnered with security firm GoPlus.

Greenfield Capital’s Jendrik Poloczek highlighted that economic audits and bug bounties are insufficient for DeFi security, making Drosera’s real-time threat detection essential. Paper Ventures’ Ivailo Jordanov praised Drosera’s decentralized model for setting a new industry standard.

By leveraging a decentralized network, Drosera aligns incentives across protocols and operators, fostering a new security paradigm in Web3. With its mainnet launch approaching, the project aims to revolutionize Ethereum security, reducing risks and fortifying the ecosystem against evolving cyber threats.