SINGAPORE - Media OutReach - 23 August 2021 - Singapore-based blockchain security firm CYBAVO announces that it has raised $4 million
USD in its Pre-Series A funding round. The round, completed in June, was co-led
by global venture capital firm 500 Startups, Taiwan's H&D Asset Management
Company and New Economy Ventures. Other investors from Taiwan, Silicon Valley,
Singapore, Hong Kong and Japan also participated in the round.
"The company intends to use the latest funding
to fuel expansion in the East Asian, European, and North American markets,"
says Paul Fan, CEO of CYBAVO. "The funds will also be used for continued
investment in the research and development of cybersecurity and blockchain
technology, and to further raise the level of customer and product
Digital asset custody and management is a USD
$20 billion market, but not many companies offer end-to-end turn-key solutions
for enterprises and institutional investors. CYBAVO offers these investors a
solution to achieve frictionless adoption of crypto assets with a focus on
digital asset security and regulatory compliance.
This year, CYBAVO was accepted into 500
Startups' flagship accelerator program. Through the program, it will have
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 startup
acceleration program. The program provided CYBAVO with tailored coaching,
funding, access to key network connections, and advice on regulations 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. These
achievements further showcase the company's intent to deliver a successful
"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
"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 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.