Web3 bug bounty and security services platform Immunefi reportedly reeled in $24 million via Series A fundraising. 

Specifically, the newly concluded funding round will reportedly place the firm on the path to scale its in-house capacity during widespread vulnerabilities in the blockchain sector.

The funding round was reportedly spearheaded by the San Francisco-headquartered venture entity Framework Ventures, which witnessed Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others also took part in. 

Per Immunefi, the freshly secured capital injection would go towards onboarding human resources to support its scaling, to satisfy the developing demand for blockchain security and bug bounty services.

Immunefi reportedly revealed to have completed the $60 million payment in total bounties since its inception less than two years prior. The platform now facilitates more than 300 initiatives throughout the crypto ecosystem, including Chainlink (LINK), MakerDAO and Compound (COMP). 

As an incentivizing initiative for white hat hackers, Immunefi offers bounties and rewards for uncovering the security vulnerabilities of leading blockchain protocols.

Immunefi secured $5.5 million via fundraising in October 2021, to further amplify its security capabilities. At the time, the firm had paid out $7.5 million in bounties.

The decentralized finance (DeFi) scene has been experiencing particular patterns of security vulnerabilities. Last year alone, scams and exploits targeting DeFi protocols caused more than $10.2 billion of financial damage to the sphere, according to research undertaken by Immunefi. 

DeFi remains a prime attack vector for scammers in 2022, as evidenced by the recent $160 million exploit of crypto market maker Wintermute.