"Drosera Raises $4.75M to Revolutionize Ethereum Security"

Drosera, an innovative Ethereum-aligned security automation layer, has raised $4.75 million in its latest funding round. The raise was led by Greenfield Capital and saw participation from several prominent funds and angel investors, including Anagram, UDH Capital, Pulsar, Jan Baeriswyl, Luke Hackett, Felix Lutsch, and others.

Drosera, positioned as the immune system for Ethereum, aims to set a new standard for protocol security. With over 3,700 web3 protocols having fallen victim to exploits due to security failings and vulnerabilities, Drosera offers a cutting-edge solution. The company's innovative approach enables protocols to delegate security infrastructure to a decentralized network of node operators, functioning similarly to antibodies in a biological immune system.

Drosera's system works by having protocols create Traps, highly customizable Solidity-based smart contracts that define application security parameters. Protocols deposit funds into Traps, creating value for third-party operators who use the Drosera Client to actively monitor Ethereum data and respond to events deemed risky. Operators must execute an emergency response upon detection of a breach.

Drosera's system aligns incentives across protocols and operators, giving birth to a new economy that it believes will become the standard for web3 security. The network has already gained significant traction, with over 25 protocols committed to its Testnet, including Ion Protocol, EtherFi, and Gravita. It has also secured partnerships with several node operators and joined forces with security specialist GoPlus.

Investors are excited about Drosera's potential. Greenfield Principal Jendrik Poloczek commented, "In DeFi, economic audits and bug bounties are simply not enough. Drosera provides the crucial building block of holistic real-time threat detection and incentivized response." Paper Ventures Partner Ivailo Jordanov added, "Drosera's approach to Web3 security leaves no stone unturned. By leveraging a decentralized network of node operators, they are creating a new and exciting paradigm for security at the protocol level."

Funds raised by Drosera will be used to accelerate product development, recruit personnel, and prepare for the launch of mainnet, scheduled for Q2 of 2024.