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Chainrisk, formerly known as UNSNARL, is a Kolkata-based automated cyber risk management platform that translates security vulnerabilities into financial metrics for decentralized finance applications. The company provides comprehensive visibility into a protocol's risk posture, allowing institutional investors and retail users to accurately assess the security of their complex blockchain deployments. Operating within the broader Web3 sector, the firm actively manages over $10 billion in assets across several prominent decentralized protocols and blockchain ecosystems, including Compound, Arbitrum, and Fuel Network. Backed by venture capital and industry grants from organizations like ETHIndia, the enterprise secured its initial pre-seed funding from lead investor Antler alongside Momentum6 and a syndicate of private angel investors. Evolving from an initial focus on smart contract auditing services, the blockchain security company Chainrisk was founded in 2023 by Sudipan Sinha and Arka Datta.
Chainrisk (prev UNSNARL) has raised $120K across 1 funding round.
Chainrisk (prev UNSNARL) has raised $120K in total across 1 funding round.
Chainrisk (prev UNSNARL) has raised $120K across 1 funding round. Most recently, it raised $120K Seed in December 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Dec 1, 2023 | $120K Seed | — | Antler, Shift Capital, Venture Catalysts, Amit Gupta, Guillaume Lestrade, Kunal Shah, Owen Simonin | Announced |
Chainrisk (prev UNSNARL) has raised $120K in total across 1 funding round.
Chainrisk (prev UNSNARL)'s investors include Antler, Shift Capital, Venture Catalysts | India's First Integrated Incubator, Amit Gupta, Guillaume Lestrade, Kunal Shah, Owen Simonin.
Chainrisk (previously UNSNARL) is a Bangalore-based Web3 security startup founded in 2022 that builds a unified simulation platform for economic risk assessment in DeFi protocols.[2][3][6] It serves DeFi teams and protocol developers by enabling them to test smart contracts and protocols under custom market scenarios, addressing the key problem that over 55% of DeFi attacks stem from complex economic conditions rather than code flaws.[1][3][6] The cloud-based SaaS engine uses agents and scenarios for scalable risk simulation, shifting from traditional smart contract audits to comprehensive economic security, with early traction from 20+ audits via an ETHIndia grant and backing from Antler.[1][2][6]
Chainrisk evolved from UNSNARL, a Web3 security services firm started by Sudipan Sinha (CEO) during his college years after securing a $7.5k Netflix bug bounty in 2020 and engaging in Ethereum's community.[1][2] Sudipan, with a B.Tech + M.Tech in Mathematics and Computing from IIT BHU, co-founded the initial smart contract audit efforts with Arka Datta (CPO), who brought software engineering experience from Walmart.[1][2][6] Anupam Shah serves as Co-Founder and CTO.[4]
Pivotal moments included an ETHIndia grant for 20 audits, a pivot to a marketplace model amid surging demand, and a 2023 insight on economic risks driving the rebrand to Chainrisk.[1] The team expanded with Nilotpal at an ETHIndia conference, partnering with Symbiote, while prior ventures like DetectBox (a decentralized audit marketplace) earned Antler backing, Ethereum Foundation grants, and contributions to Ethereum's Merge via EIP-5133.[1][6]
Chainrisk rides the DeFi security maturation wave, where economic exploits outpace code bugs amid rising protocol TVL and market volatility.[1][6] Timing aligns with post-Merge Ethereum scaling and AI-agent trends in simulations, as DeFi losses from economic attacks demand proactive tools beyond audits.[1][3] Favorable forces include Web3's growth (e.g., Polygon, EigenLayer integrations via team) and investor interest from Antler/Ethereum Foundation, positioning Chainrisk to influence ecosystem standards for risk-resilient protocols.[2][6]
Chainrisk is poised to dominate economic security as DeFi TVL surges, expanding its simulation engine to AI-enhanced real-time monitoring and multi-chain support. Trends like agentic finance and regulatory scrutiny on exploits will amplify demand, potentially evolving Chainrisk into a core infra layer akin to a "DeFi shield." With Symbiote backing and grant momentum, expect partnerships with top protocols and scaled adoption, redefining Web3 risk from reactive audits to predictive resilience—fulfilling its origins as the shield DeFi needs.[1]
