SG crypto security firm nets $7m round, inks MetaMask partnership

Safeheron, a Singapore-based cybersecurity firm, has raised a US$7 million pre-series A round co-led by Yunqi Partners and Web3Vision.

Photo credit: BongKarn Graphic / Shutterstock

Safeheron was founded in 2019 by Wade Wang, Max He, and Bruce Wang. It uses a combination of multi-party computation (MPC) technology and an execution environment that distributes “key shards” among multiple stakeholders to make wallets more hack-proof.

The funds will be used to develop its open-source crypto self-custody service, which offers institutional-grade security solutions to safeguard the crypto assets of SMEs.

The security startup has also announced its strategic partnership with US-based crypto wallet provider MetaMask. The Silicon Valley firm is integrating Safeheron’s algorithm into its platform, allowing users to sign their transactions with two to three supported devices.

This multilayer authentication provides MetaMask users with a greater security, leveling up from simple mobile app authentication.

These extra safety measures have become more integral amid news of hacks on the Axie Infinity, Nomad, and Harmony platforms – which have collectively put US$830 million on the line.

See also: Is Axie Infinity too big to fail?

The global crypto market set to grow to US$4.94 billion by 2030 at a compound annual growth rate of 12.8%, which could shore up demand for cybersecurity services.

Other investors in this round include:

• PrimeBlock Ventures
• M77 Ventures
• ShataCapital
• Kryptos
• Antalpha Ventures
• Waterdrip Capital
• 7 O’Clock Capital
• Rokid Founder Misa Zhu