Singapore-based blockchain security solution provider CYBAVO announces that it has raised $4 million USD in its Pre-A funding round, completed in June. The round was co-led by global venture capital firm 500 Startups, Taiwan’s H&D Asset Management Company and New Economy Ventures. Other companies and investors from Taiwan, Silicon Valley, Singapore, Hong Kong and Japan also participated in the round.
Digital asset custody and management is a USD $20 billion market where only a handful of companies offer end-to-end turn-key solutions for enterprises and institutional investors. CYBAVO offers these investors a solution to achieve a frictionless adoption of crypto assets with a focus on asset security and regulatory compliance.
According to Paul Fan, CEO of CYBAVO, the company intends to use the latest funding to fuel their expansion in the East Asian, European, and North American markets. The funds will also be used for continual investment in the research and development of cybersecurity and blockchain technology, and to further raise the level of customer and product satisfaction it delivers.
Just this year, CYBAVO was accepted into 500 Startups’ flagship accelerator program, and will be enjoying access to its global network of mentors, founders, and industry stakeholders. The company also opened its first European office in Luxembourg and completed Fit 4 Start, Luxembourg’s leading 6-month startup acceleration program. The program is designed to provide entrepreneurs with tailor-made coaching, attractive pre-seed funding, access to key network connections, and advice on regulation and the market in Europe. In June, CYBAVO won first place in SelectUSA Investment Summit’s Cybersecurity pitching session, a program led by the U.S. Department of Commerce, further underlining their intent to deliver a successful international expansion.
“The digital asset market has grown rapidly over the past couple of years, but the market lacks a secure institutional grade end-to-end solution. Thanks to the experience and vision of CYBAVO’s founding team, we think there’s great potential for the company to develop into a full-stack digital asset management platform,” said Shawn Chu, Principal at 500 Startups.
When asked about his insights on the future of digital assets, Managing Partner at New Economy Ventures Ethan Tsai said, “We are optimistic about the future growth and development of digital assets and blockchain technology and we are particularly interested in partnering with technology companies that can provide infrastructure for crypto assets. We believe CYBAVO can leverage its long-term technical and talent advantage in cybersecurity to address the huge market potential of “real assets to crypto assets”.”
“With an ever-increasing number of transactions taking place, cryptocurrency and digital assets are undoubtedly one of the fastest growing trends today. The protection of these assets is the basic building block of this industry, and one of the most important issues the industry must tackle is how to manage private keys in a secure and efficient way. I’m very glad that the team at CYBAVO can present an unrivaled solution for private key management. This solution not only provides security, but it’s also an end-to-end, intuitive and easy-to-use system that increases operational efficiency. We trust that CYBAVO’s institutional wallet solution will make transactions in cryptocurrency as safe and convenient as transactions in traditional banking institutions we’ve come to trust. Here at H&D Asset Management we’re happy to be a part of CYBAVO’s growth, and proud to witness its journey to becoming a leading organization in the cryptocurrency industry,” said Chu Ping-Yu, Chairman of the Board at H&D Asset Management.
CYBAVO is the leading provider for blockchain security solutions in Asia Pacific. Its extensive list of enterprise customers include cryptocurrency exchanges, fund management companies, cryptocurrency wallet providers, and various fintech service providers. The company is insured by S&P AA-rated global reinsurance company, and holds certifications for ISO 27001 and NIST’s Cryptographic Module Validation Program.
CYBAVO was established in 2018 by a team of cybersecurity veterans with backgrounds in blockchain security, cryptography, computer security, malware analysis and web security. Its mission is to provide the most advanced digital asset custody by developing a custom security-hardened operating system, patented encryption technology, and a highly secure sandboxed environment to deliver its suite of solutions, including its flagship product, the CYBAVO VAULT.
CYBAVO VAULT is an institutional-grade cryptocurrency wallet that leverages proprietary NIST-certified cryptographic algorithms. It offers a SaaS or on-premise solution that features a unique multi-level approach to transaction authorization, which allows for the creation of any number of purpose-specific wallets, each governed by its own policies. This creates the potential to require increasing levels of approval from the lowest level all the way to the CFO - depending on transaction size, destination address or other criteria.