Cybersecurity CEOs join forces to launch Lockchain.ai: The First AI-Powered Blockchain Risk Management Platform

Lockchain.ai emerged from stealth during a launch event at NASDAQ today with the backing of Lerer Hippeau to create a new risk management solution category enabling traders to make informed decisions at scale

ATHENS, Ga., April 1, 2024 /PRNewswire/ --  Lockchain.ai, the AI-powered Blockchain Risk Management platform, has announced its official launch from stealth to bring automated risk management solutions to traders, investors, and fund managers in the blockchain ecosystem. Lockchain.ai, founded by two experienced cybersecurity CEOs, Aidan Kehoe and Andrew Howard, as well as Matt Higgins, with seed funding led by Lerer Hippeau, leverages generative AI to bring speed, scalability, transparency, and security to the rapidly evolving business of digital asset management - key capabilities in avoiding future black swan events.

Lockchain.ai's SaaS platform provides always-on due diligence and risk monitoring for asset managers and traders seeking real-time security status of the assets they trade. This includes the examination of custodians and counterparties involved with the portfolio to provide a comprehensive assessment of risks and help traders make informed decisions at scale. Lockchain.ai also enables asset managers to reconcile on- and off-chain balances - a key compliance concern as Bitcoin ETFs come online.

"All responsible financial services firms that want to engage with digital assets need a robust risk management process," explained Jan van Eck, CEO of VanEck Associates. "And that process has to include tools that provide visibility into their counterparties, vendors and tokens, monitoring both off-chain and on-chain activity.  Lockchain helps process a wealth of relevant and useful data and provides insights to risk management professionals, whether they are technical experts or not."

Lockchain.ai's end-to-end use of generative AI is fundamental to the platform's ability to rapidly consume and analyze thousands of data sources to deliver:

• Real-time view of risk status;
• Instant notification of important on- and off-chain events that may impact their portfolio;
• Actionable and straightforward insights on potential effects of those events;
• Predictive impact analysis of contagion risk; and soon,
•  An automation engine to respond to events with pre-built playbooks and exit strategies.

"Recent high-profile security challenges have highlighted the imperative for users in the blockchain and crypto space to grasp the actual risks involved," said Nick Percoco, Chief Security Officer at Kraken and advisor to Lockchain.ai. "These users and traders need insights into how market events and emerging vulnerabilities might impact the integrity of their assets. In this dynamic environment, risk management emerges as a critical tool, providing insights and strategies to navigate uncertainties and safeguard investments."

Lockchain.ai was founded in 2023 by Andrew Howard, the former CEO of Kudelski Security, Aidan Kehoe, the former CEO of Skout Cybersecurity (acquired by Barracuda Networks in 2022), and Matt Higgins, the co-founder and CEO of RSE Ventures, Executive Fellow at Harvard Business School, and Guest Shark on Shark Tank. The founding team identified a glaring need in the market for a security solution to complement existing security and professional due diligence services. The team founded the firm with a simple mission: bring easy-to-use, effective security and risk mitigation solutions to businesses interacting with blockchain technology and digital assets.

"Lockchain.ai's emergence from stealth after a year of development marks a significant milestone in our mission to define a new category of security for blockchain assets," explained Andrew Howard, Co-founder and CEO of Lockchain.ai. "Our year-long endeavor has been fueled by a deep commitment to addressing the challenges faced by asset managers, traders, and hedge funds in navigating the complexities of this ever-evolving landscape with artificial intelligence driven risk management capabilities." 

Lockchain.ai raised a total of $4.6M through a seed round led by Lerer Hippeau and includes Arrington Capital, Valhalla Ventures, ARCA, RSE/Vayner, Sonic Boom Ventures, Alex Weiss of Clear Sky Capital, and Artico Search. White Star Capital joined in a subsequent funding cycle.

"As we think about the various needs and pain across the sector, it was clear that security and risk management was a major problem," said Andrea Hippeau, Partner at Lerer Hippeau. "The platform that the team at Lockchain has built revolutionizes the way that firms do business across crypto and the larger blockchain ecosystem. With AI powering the platform, Lockchain.ai is now the only BRM product in the market with the requisite speed and results to keep clients safe in this sector."

Lockchain.ai is headquartered in Athens, Georgia with offices in New York City.  Lockchain.ai's Board of Directors includes Steve Kokinos, former CEO of Algorand and Deneille Pemberton-Heard, Executive with the Diversified Search Group.

For more information about Lockchain.ai and the issues facing digital currency management:

• Register and attend a digital risk webinar on April 9th.
• Subscribe to the Lockchain.ai Substack for updates and risk advisories.

About Lockchain.ai
Lockchain.ai is the world's first risk management platform for blockchain assets, leveraging generative AI to provide traders and asset managers the intelligence necessary to understand the portfolio risks continuously and in real-time. With the backing and engagement of industry leaders from across cybersecurity, application security, digital currency management, and blockchain technologies, the Lockchain platform is available today. For more information, contact: [email protected].

SOURCE Lockchain