Octane secures $6.75 million to combat crypto hacks with AI

Octane, a San Francisco-based startup, has raised $6.75 million in seed funding to address the growing issue of cryptocurrency hacks using AI-powered code auditing.

The funding round was co-led by Winklevoss Capital and Archetype, with participation from notable investors including Gemini, Circle, Legion Capital, and Druid Ventures.

Founded in 2022, Octane aims to enhance blockchain security by providing continuous AI-driven analysis of smart contracts.

The company's platform integrates directly into the GitHub pipeline, offering real-time vulnerability detection and one-click bug fixes throughout the development lifecycle.

Giovanni Vignone, Octane's 22-year-old CEO, emphasised the urgency of improved security measures, citing over $11 billion lost to crypto hacks.

"Octane allows devs to battle-test their smart contract code with AI-powered security testing before it hits production on the blockchain," Tyler Winklevoss stated, highlighting the importance of Octane's technology.

Octane's AI models are trained on a comprehensive dataset of real-world breaches, audit findings, and open-source resources.

The platform currently serves 15 enterprise clients, including Circle, and is being considered for integration by Gemini.

While initially focused on Solidity and Ethereum Virtual Machine-compatible projects, Octane plans to expand support to other blockchains like Solana (CRYPTO:SOL).

The company intends to use the newly acquired funding to accelerate product development, expand its engineering team, and broaden its market presence.