Singapore-based web3 cybersecurity startup Silence Laboratories has raised $1.7 million in a seed funding round led by Pi Ventures.
- The firm is working on libraries for multi-party computation (MPC) and Proofs-based Decentralized Security-as-Service (DSaaS).
- Their core technology to support developer focused decentralized and high grade security for digital assets with functionalities of key management, distributed signature and authorization is built on top of a unique fusion of MPC, sensing and intelligent signal processing.
- Jay Prakash, CEO and Co-Founder at Silence Laboratories, pointed out that account takeover due to single point of failures of the private keys is on unparalleled rise and have been affecting enterprises and different sectors of Web3 businesses.
- As a result, Jay said that the internet is witnessing a growing push towards distributed authentication protocols and signature schemes.
- “Wallet cloning, browser wallet extension hacks, phished DEX and CEX websites are all compromised examples of bad authentication practices in Web3,” Jay said.
- The startup plans to use this funding to further widen its product offerings towards developer centric decentralised security stack, strengthen its team and scale its go-to-market operations to help enterprises adopt state of the art authentication and authorization techniques.
- Silence Laboratories also revealed that it will set up an Applied Cryptography and Web3 Security corporate R&D centre in South Asia, with local and international collaborations.
- The R&D centre will bring cybersecurity experts from across the globe to contribute in solving niche problems in usable security and MPC algorithms, setting up the backbone for several upcoming businesses and products.
- The seed funding round for Silence Laboratories also included participation from web3 centric funds such as imToken ventures and prominent angels like Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg, Ashish Tiwari, and more.
Read Also: Web3 Cybersecurity Firm Sayfer To Provide Smart Contract Audit For Tezos
