Formal Raises $5.8M to Give Security Teams Control Without Slowing Down Innovation

It’s a testament to the trust we’ve built with early customers, and the confidence investors have in Formal’s vision and ability to execute. We’re excited to continue our work in simplifying and securing data access for enterprises.
At just 24, Mokhtar Bacha’s story is already one of ambition, pivots, and execution in the world of data security. From his early days as a software engineer at Consensys, working on some of the earliest Ethereum projects, to founding Formal—a security startup aimed at tackling the growing complexity of data access in the cloud—Bacha has proven that sometimes, the best solutions come from the most unexpected of journeys. Formal wasn’t always the company it is today. It began as Maytana, a cash management platform designed for multinational startups. But as Bacha immersed himself deeper into the world of security and data, he realized the problem he truly wanted to solve: how to manage and secure access to sensitive data in a rapidly evolving tech landscape. The problem wasn’t
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Picture of Anshika Mathews
Anshika Mathews
Anshika is the Senior Content Strategist for AIM Research. She holds a keen interest in technology and related policy-making and its impact on society. She can be reached at anshika.mathews@aimresearch.co
25 July 2025 | 583 Park Avenue, New York
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