ML-enabled blockchain intelligence startup aims to tackle “unknown unknowns” in smart contract vulnerabilities
NEW YORK, US 4 July 2024 – Mamori.xyz, an automated blockchain value extraction system, has successfully raised US$5 million in seed funding to advance its mission of revolutionizing Web3 security and optimization. The round was led by Blockchain Capital, with participation from Velocity.Capital and Web3.com.
The seed funding round also saw participation from notable angel investors, including Grigore Rosu, Daniel Lubarov, Alex Watts, Bo Du, Shujia Liang, Micheal Heinrich, Richard Adjei, and Antonio Viggiano.
Ryan Sproule, investor at Blockchain Capital, said, “We are very excited to support Mamori.xyz in their vision to make smart contracts more secure via modern advanced fuzzing techniques. By enhancing the developer toolkit, this will enable developers to spot more vulnerabilities earlier in a more scalable way.”
Disrupting Web3 security with ML-enabled blockchain intelligence
Mamori.xyz is an automated value extraction system optimized for blockchain security and value extraction, colloquially named a ML-enabled pathfinder. Its technology addresses critical challenges in the Web3 space, where cyber-attacks resulted in over US$2.4 billion in losses in 2023 alone. Traditional auditing tools, based on historical data, have proven inadequate in meeting the preventive security needs of this rapidly evolving industry.
Mamori.xyz is augmenting Web3 security via an algorithm that caters to major challenges and issues on blockchain-based software. Leveraging ML-enabled value extraction systems to navigate and optimize blockchain ecosystems, covering zero-day economic exploit detection, MEV identification, and intent solving for transaction optimization, Mamori.xyz creates a comprehensive solution that safeguards against unknown vulnerabilities while maximizing blockchain efficiency and profitability.
Multifaceted, future-proof solution for security and efficiency
Mamori.xyz addresses critical industry challenges by combining smart contract auditing with value extraction capabilities. Its algorithm adapts situationally to extract value from any blockchain-based software, identifying vulnerabilities without any prior knowledge of exploit methodologies (unknown unknowns).
The solution redefines Web3 security by moving beyond traditional auditing to proactive, interdisciplinary technologies to mitigate threats and optimize values. Its adaptive architecture offers future-proof solutions to evolving blockchain ecosystem needs.
Grigore Rosu, Advisor of Mamori.xyz, Professor of Computer Science at UIUC, Founder of Runtime Verification and Founder of Pi Squared, said, “I am very excited to witness Mamori.xyz’s mission to bring advanced ML-integrated fuzzing techniques to smart contract security. Their automated search and light specification approach form the perfect complement to formal verification. We are closer than ever to a future where smart contract developers get all the following at the push of a button: Mamori.xyz’s tools help eliminate programming errors while learning the contract specification, semantics-based formal verification tools prove the program correct wrt the specification, then the correctness proof is ZK-ed and posted on-chain as verifiable evidence. Programmatically verify, not trust, security audits.”
Andy M. Lee, Founder of Mamori.xyz, said, “Mamori.xyz aims to address the critical space within the blockchain space, where incidents caused by cyber-attacks, technical and economic exploits, and vulnerabilities in smart contracts or logic have led to significant losses in the industry. We are honored to be supported by Blockchain Capital, Velocity Capital, Web3.com and other angel investors in our seed funding to help us further our mission to facilitate a new standard in smart contract auditing, paving the way for mass adoption.”
With this funding, Mamori.xyz is poised to disrupt the Web3 security landscape by offering a multifaceted, future-proof solution that addresses both security and efficiency concerns in blockchain ecosystems. The system has entered the proof-of-concept stage, successfully testing the algorithm’s efficiency and feasibility of integrating interdisciplinary intelligence based on Swarm Intelligence, and demonstrating Mamori.xyz’s ability to identify existing limitations of security auditing techniques to protect against the “unknown unknowns”.
