Science Inc. today announced an undisclosed investment in decentralized IT security marketplace PolySwarm. Science Inc., whose investment portfolio includes Medium, Dollar Shave Club and Wealthfront, runs Science Blockchain, an incubator focusing on funding and growing leading blockchain companies. Its most recent investment, PolySwarm, is the first decentralized marketplace where security experts are incentivized to build anti-malware engines that compete to protect against threats.
“Science Inc. and Science Blockchain’s investment in PolySwarm reinforces the call for disruption in the threat detection industry,” said Steve Bassi, CEO of PolySwarm. “We look forward to putting Science’s investment to good use as we build a global network of security experts to tackle today’s increasingly sophisticated malware.”
Today’s antivirus and IT security market is dominated by single-vendor offerings that often miss emerging threats. PolySwarm incentivizes a global community of security experts to disrupt the $8.5 billion cyber threat intelligence industry. By introducing a platform encouraging innovation and competition, the market will reward experts who are best able to protect users.
PolySwarm’s founders built the company out of Narf Industries, LLC, an information security firm that recently completed a blockchain-based identity management project for the Department of Homeland Security and information security projects for DARPA. PolySwarm’s advisory board includes former McAfee CIO Mark Tonnesen, alongside renowned information security and blockchain experts Dan Guido, Chris Eagle, Dr. Sergey Bratus, and Carl Hoffman.
The PolySwarm market runs on Nectar (“NCT”), an ERC20-compatible utility token that makes it easy to submit and classify potential threats on the PolySwarm market. Nectar replaces traditional, outdated antivirus and threat-scanning subscription payments. The Nectar token sale begins Feb. 20, 2018.