Runtime Verification, a startup founded in 2010 by Illinois CS professor Grigore Rosu, has raised $5.3 million in a funding round led by IOSG Ventures. The company, which is headquartered in Urbana, Illinois, uses runtime verification-based techniques, pioneered by Rosu, to conduct security audits on virtual machines and smart contracts. 

According to Runtime Verification’s press release, investment came from a range of notable VC firms including Fenbushi Capital, Maven 11, Borderless Capital (Algorand), cFund (Cardano) managed by Wave Financial, Hypersphere (Polkadot), Elrond Research, and Tezos Foundation.  

The company says that the new funding will accelerate the development of tools designed to enhance the safety, reliability, and correctness of computing systems for blockchain and embedded systems, as well as to expand Runtime Verification’s global presence.

“I would like to thank our investors and partners for supporting and amplifying our mission,” said Rosu. “To date, all our funding has been from grants and contracts rather than capital raises. This investment round is therefore a major step for the company, one which will accelerate our growth and impact in the blockchain domain.”

Read the full Runtime Verification press release.