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Enterprise Security Magazine | Wednesday, September 08, 2021
CYBAVO was accepted into 500 Startups’ flagship accelerator program earlier this year. Through the program, it will have access to its global network of mentors, founders, and industry stakeholders.
FREMONT, CA: CYBAVO, a Singapore-based blockchain security business, has raised 4 million dollars in its Pre-Series A funding round. The deal was co-led by global venture capital company 500 Startups, Taiwan’s H&D Asset Management Company, and New Economy Ventures and was concluded in June. The round also included investors from Taiwan, Silicon Valley, Singapore, Hong Kong, and Japan.
“The company intends to use the latest funding to fuel expansion in East Asian, European, and North American markets,” says Paul Fan, 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 satisfaction.”
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CYBAVO was accepted into 500 Startups’ flagship accelerator program earlier this year. Through the program, it will have access to its global network of mentors, founders, and industry stakeholders. The company also completed fit 4 Start, Luxembourg’s leading startup acceleration program, which launched its first European office in Luxembourg. CYBAVO received tailored coaching, money, access to critical network connections, and advice on legislation and the European market through the initiative. CYBAVO was awarded first place at the SelectUSA Investment Summit’s Cybersecurity pitching session in June, a program sponsored by the US Department of Commerce. These accomplishments demonstrate the company’s commitment to 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.”
In the Asia Pacific, CYBAVO is the top provider of blockchain security solutions. Cryptocurrency exchanges, money management organizations, cryptocurrency wallet providers, and fintech service providers are among its many enterprise customers. The company is covered by S&P Worldwide Reinsurance, an AA-rated global reinsurance organization, and has ISO 27001 and NIST’s Cryptographic Module Validation Program certifications.
“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.
Although the digital asset custody and management sector is worth 20 billion dollars, few companies provide end-to-end turnkey solutions for businesses and institutional investors. CYBAVO provides a simple way for these investors to adopt crypto assets, with a focus on digital asset security and regulatory compliance.
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