Smart contract auditing platform Sherlock has raised $4 million in a funding round led by venture capital firm Archetype.
Crypto protocol audits typically include two to three auditors scouring the code over a few weeks. Sherlock, which sells its solutions directly to protocols, starts with one or two senior auditors taking a brief look at the code. Sherlock then hosts an auditing competition where entrants are financially rewarded for finding vulnerabilities.
Sherlock recently launched an incentive program for investors who want to stake assets to the auditing protocol. Stakers can receive 10% annual percentage yield on the USDC stablecoin, plus 5% APY on the native SHER token, which has yet to begin trading. The new capital will be used to build out the team and to fund outside audits on the Sherlock platform, said Sanford. Other participants in the funding round included digital asset management group Spartan and crypto-focused venture capital firms Lattice and CoinFund. Last month, CoinFund launched a $300 million fund to make early-stage investments in Web3 projects.
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