Safeheron Announces US$7M Series Pre-A Raise
Singapore, August 19, 2022 - Safeheron, an open-source, zero-trust one-stop self-custody solution for Web 3.0 small-medium enterprises (SMEs), is announcing US$7M in Pre-A funding co-led by Yunqi Partners and Web3Vision, with participation from PrimeBlock Ventures, Cobo Ventures, M77 Ventures, ShataCapital, Kryptos, Antalpha Ventures, Waterdrip Capital, 7 O’CLOCK CAPITAL and Fan Zhang, the former co-founder of Sequoia Capital China.
Safeheron’s security solutions lower the barriers to entry for SMEs to adopt institutional-grade crypto custody security, enabling multi-party management of crypto assets for improved security for retail users. The first to be self-developed in Asia, Safeheron’s proprietary institutional-grade security model is unique as it combines a Multi-Party Computation (MPC) technology with a Trusted Execution Environment (TEE).
The US$7M Pre-A investment in Safeheron comes at a time when loss from security vulnerabilities amount to billions of dollars stemming from vulnerable multisignature security solutions. Case in point, the US$280 stolen from KuCoin, and US$650M from Axie Infinity’s Ronin Bridge. On a mission to offer accessible security solutions for all businesses, Safeheron is filling an unmet need, namely the growing demand among SMEs who currently have few options for truly secure crypto custody solutions.
“Custody security providers often compete for enterprise clients, shunning SMEs with unaffordable solutions. So, we’re excited to back Safeheron, who’s making the safeguarding of crypto assets with enterprise-grade custody security solutions more accessible,” said Yu Chen, Partner at Yunqi Partners.
“We’ve spent years developing our radically complex open-source, zero-trust MPC-TEE security solution in-house, which until today is a first in Asia. We’re thrilled to have a US$7M for our Pre-A, and we are happy to come to our next stage, developing ourselves as a security infrastructure,” said Wade Wang, CEO and Founder of Safeheron. “The US$7M in Pre-A funding will give Safeheron the ability to scale our technology and services to more clients this year.”
Safeheron, headquartered in Singapore, is an open-source, zero trust one-stop self-custody solution provider for Web3.0 SMEs, founded by a team with more than a decade of experience in cybersecurity and cryptography. Based on self-developed Multi-Party Computation (MPC) and Trusted Execution Environment technologies, and a flexible policy configuration that can be tailored to a business’ complex needs, Safeheron enables SMEs to gain access to trusted and transparent industry-leading institutional-grade security and multi-party management features.