# Sooho Financial Model Blockchain smart contract security auditing firm offering automated + manual vulnerability detection for DeFi and enterprise clients. - Canonical: https://finamodel.com/startups/sooho - Excel download: https://finamodel.com/startup-models/sooho.xlsx - Category: Crypto/Web3 - Model type: SaaS ARR / Valuation - Funding round: Series A - Funding: $4.5M - Founded: 2022 - Geography: South Korea (Korea-headquartered); serves global clients including Samsung SDS, LG CNS, SK C&C and international DeFi protocols. - Customer: B2B2C ## About the company Sooho is a blockchain smart-contract security auditor serving DeFi and enterprise clients. It combines automated and manual vulnerability detection for high-risk blockchain applications, selling audit engagements where trust, technical depth, and timely delivery are more important than a mass-market product funnel. The materials are a partnership and audit proposal rather than a fundraising deck. Sooho is Korea-headquartered but has served global clients, including Samsung SDS, LG CNS, SK C&C, and international DeFi protocols. This supports a professional-services model with potential recurring monitoring, not a standard crypto-token revenue forecast. Model audit pipeline, win rate, engagements delivered, average project fee, analyst capacity, utilisation, and client concentration. Add recurring monitoring or software revenue only where contracted, then include security research, reviewer payroll, quality assurance, sales, and delivery costs. Demand, pricing, utilisation, repeat business, hiring, and concentration should drive scenarios. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition Three-layer audit stack: 1. **ODIN** - automated vulnerability verifier; scans against large code database. 2. **SOOHO + ACHILLES** - symbolic analyzer and vulnerability analyzer. 3. **VeriSmart** - formal verification engine. Combined with manual code review, PoC/exploitability review, and access control supervision. Deliverables: Security Assessment Report (EN/KR) + SOOHO Certificate shareable with investors, exchanges, and community. Backed by ConsenSys (Joseph Lubin, Ethereum co-founder). Clients include Samsung SDS, LG CNS, SK C&C, Luniverse, WEMIX, BiFi, Tokamak Network, and others. ## Market No explicit TAM/SAM/SOM figures presented. Market context provided: - 98% of audited Top 50 DeFi services had security flaws. - $604M largest single crypto hack (Poly Network, Aug 10 2021). - 64% of unaudited DeFi services were hacked. No market size ($) or CAGR data in deck. ## Revenue model - Project-based audit engagements; client pays per smart contract audit. - Contract flow: Proposal → Contract → Payment → Analysis → Report → Reaudit (if needed). - No pricing tiers, day rates, or per-contract fees disclosed in deck. - Channels: direct enterprise sales (Samsung SDS, LG CNS, SK C&C) and inbound from DeFi protocol community. ## Traction & metrics - **Total Value Protected**: $2,983,111,084 (≈$2.98B) / ₩3,281,422,192,400 as of Oct 2021. - **Vulnerabilities detected by automated tools (cumulative to Sep 1, 2021)**: - Total: 17,482 - Achilles: 13,809 - VeriSmart: 2,798 - SOOHO: 875 - Named enterprise clients: Samsung SDS, LG CNS, SK C&C. - Named DeFi clients: KLAYMORE, STAKEHOUSE, KRWb, maro, Luniverse, WEMIX, NINE CHRONICLES, aha, AIIBIT, BiFi, Tokamak Network. - No revenue figures, contract count, or growth rates disclosed. ## Competition / moat - Proprietary three-tool automated stack (ODIN, ACHILLES, VeriSmart) built in-house. - ConsenSys backing - only Korean team backed by ConsenSys. - Award pedigree: 2018 Upbit Hackathon Grand Prize, 2019 Binance SAFU Best Technology, 2019 Klaytn Horizon Tier-1 Prize. - Research team: PhD security researchers + white-hat hackers. No competitive comparison table or named competitors in deck. ## Team & funding ask / use of funds - Team described as "PhD degree security researchers and white-hackers"; no named individuals or headcount given. - No funding ask, valuation, or use-of-funds slide. This is a client-facing audit partnership proposal, not an investor deck. --- ## Recommended financial model - **Archetype + why**: Professional services / project-based revenue model. Sooho sells discrete audit engagements (not recurring SaaS subscriptions). Revenue = number of audits × average contract value. A lightweight 3-statement model with a project pipeline driver is most appropriate. If they later transition to retainer/subscription (e.g., continuous monitoring), a SaaS ARR layer can be added. - **Forecast horizon & granularity**: 3 years, quarterly granularity (audit cycles are weeks-to-months; quarterly buckets are natural). - **Key drivers & assumptions**: - Number of audits per quarter - proxy from named client count (~12+ clients shown); start at ~8–12 projects/quarter, grow 20% YoY. - Average contract value (ACV) per audit - blockchain audit market benchmarks suggest $10K–$50K per engagement depending on complexity; use $25K base. - Revenue = audits/quarter × ACV. - Re-audit rate (follow-on work) - estimated 30–40% of audits result in a paid re-audit; adds a multiplier to revenue. - Headcount: analysts and researchers as primary cost driver; team size and compensation not disclosed. - Gross margin - professional services typically 50–70%; assume 60%. - Total Value Protected as a vanity/marketing KPI; not a direct revenue proxy. - **Scenarios (Base / Bull / Bear - which variables flex)**: - Bear: audit volume flat, ACV pressured by competition, 40% gross margin. - Base: 20% YoY volume growth, $25K ACV, 60% gross margin. - Bull: DeFi expansion accelerates audit demand, 40% volume growth, $35K ACV (enterprise mix shifts up), 65% gross margin. - **Required sheets / outputs**: 1. Assumptions - audit volume, ACV, re-audit rate, headcount, COGS split. 2. Revenue build - quarterly audits × ACV + re-audit revenue. 3. P&L - revenue, COGS (analyst cost), gross profit, OpEx (sales, G&A, R&D for tooling), EBITDA. 4. Headcount plan - researchers, sales, ops; linked to COGS and OpEx. 5. Cash flow - simple operating CF; no capex-heavy model needed. 6. KPI dashboard - Total Value Protected growth, audits/quarter, ACV trend, re-audit rate. ## Frequently asked questions ### Is the Sooho financial model free? Yes. The Sooho model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.