Singapore-based blockchain security solution provider Cybavo has bagged $4m in pre-Series A funding.
The round was co-led by 500 Startups, New Economy Ventures and H&D Asset Management Company. Other participants include investors based in Japan, Taiwan, Singapore, Hong Kong and Silicon Valley.
Founded in 2018, Cybavo claims its mission is to offer that most advanced digital asset custody technology on the market. The company has developed a security-hardened operating system, patented encryption technology and a secure sandboxed environment to deliver Cybavo Vault and Cybavo Wallet SDK – two products to help its customers managing digital assets and prevention malicious attacks, theft and loss.
According to Cybavo, it intends to use the newly raised capital to speed up expansion across east Asia, Europe and North America. The business is also looking to invest in the research and development of cybersecurity and blockchain technology as well as raising the level of customer and product satisfaction it offers.
Earlier this year, Cybavo was accepted into 500 Startups’ accelerator program and also opened its first European office in Luxembourg.
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