Fortune 500 companies Samsung and LG use smart contract auditing firm Sooho.io. Here’s an exclusive look at the 9-page pitch deck used to raise $4.5 million.
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- Smart contract auditing platform Sooho.io just raised $4.5 million in a Series A round from WeMade Tree.
- Headquartered in South Korea, the start-up provides automated blockchain auditing tools and is trusted by Fortune 500 companies.
- Here’s an exclusive look at the 9-page pitch deck used to raise the funds.
Smart contract auditing firm Sooho.io just raised $4.5 million from WeMade Tree, a subsidiary of Korean gaming company WeMix that specializes in blockchain businesses, in a Series A round.
The South Korean company founded in 2018 specializes in auditing smart contracts on blockchains. A smart contract is a piece of code on the blockchain that will self-execute when specific conditions are met, it enables two parties to interact directly without a third party for verification.
Since smart contracts are pieces of code, they can be prone to human error. Smart contract auditing firms help ensure the logic will operate as expected and that there are no vulnerabilities held within the code.
Sooho.io offers automated smart contract auditing through its proprietary software known as Odin, which aims to cut down the time it takes to audit a smart contract and discover vulnerabilities.
Smart contract auditing is increasingly in the spotlight as blockchains and their connecting bridges have been plagued with hacks and security breaches in recent months, which have resulted in million dollar losses.
Play-to-earn game Axie Infinity’s Ronin network lost $625 million due to a vulnerability where the hacker was able to use hacked private keys to forge withdrawals from Ronin’s bridge, according to CoinDesk.
Sooho.io has tended to partner with Fortune 500 companies like Samsung SDS and LG CNS over traditional blockchain companies to provide auditing services. In an interview with Insider, Sooho.io’s CEO and founder Jisu Park explains this is because these big companies often have a specific need for automated services.
“Big companies often build their own mainnet, but without any security layer,” Park said. “They want to use our automated audit platform to empower their blockchain.”
Over the years, Park’s noticed that Korean crypto users really love crypto but they have tended to be more cautious compared to other users in the industry. Trust plays a big role in this, he adds.
In South Korea, there are a handful of big companies who own a large majority of products and services, Park said. He explains that South Koreans tend to trust the larger known companies, which is why South Korea’s seen more companies launch their own blockchains.
Park doesn’t just have his sights set purely on South Korea. He’s already looking at expansion opportunities abroad. SooHo.io is already talking to big companies in Japan and Singapore with hopes to then expand in the US in the second half of the year.
The recent fundraise will help in this endeavor alongside further developing its products.
The Series A round follows on from a seed stage investment from crypto software behemoth ConsenSys. The company would not disclose its valuation.
“While Sooho.io started as a blockchain smart contract auditor for the world’s largest companies, this investment from WeMade Tree when combined with our experience, reputation and technology strategically positions us to scale our team and accelerate our partners’ development of secure DeFi products amid their transition to Web 3.0,” said Park in a press release.
Sooho.io is also developing a framework to centralize the fragmented landscape of Korean protocols. The first step in this journey is the launch of a decentralized finance product called Kleva, a yield farming solution that aims to provide liquidity for every new DeFi product developed and launched in collaboration with Sooho.io.
The company is also partnering with Lambda256, subsidiary of Korea’s leading exchange Upbit, to help develop its DeFi ecosystem.
Sooho.io shared an adapted version of its investor pitch deck with Insider. Its original investor deck for the Series A raise was in Korean. The company instead shared a deck written in English that made up the majority of their fundraise presentation and is also frequently used to pitch service to prospective customers.