Singapore, August 19, 2022 – Safeheron has announced that it has raised $7 million in Pre-A financing jointly conducted by Yunqi. Safeheron, Web 3.0 produces solutions to make open source codes and technologies verifiable and decentralized for small and medium-sized enterprises (SMEs). Yunqi Partners and Web3Vision jointly conducted the Pre-A financing with the participation of Fan Zhang, former co-founder of PrimeBlock Ventures, Cobo Ventures, M77 Ventures, ShataCapital, Kryptos, Antalpha Ventures, Waterdrip Capital, 7 O’CLOCK CAPITAL and Sequoia Capital China.
Safeheron lowers barriers to entry for small to medium businesses to adopt enterprise-grade crypto holdings. In addition, it enables multilateral management of crypto assets for better security for retail users. As the first self-developed model in Asia, Safeheron’s proprietary enterprise-grade security model is unique as it combines Multi-Party Computation (MPC) and Trusted Execution Environment (TEE).
Investing in Unmet Need
Blockchain brings new markets and risks. New risks require new infrastructure. The complexity of the organization’s asset management goes far beyond individuals. Institutions need hot, warm and cold wallets with partial assets stored in banks and exchanges.
The $7 million Front-A investment in Safeheron, which provides solutions for these needs, came at a time when the loss due to security vulnerabilities reached billions of dollars due to vulnerable multi-signature security solutions. Recently, US$280 was stolen from KuCoin and US$650 million was stolen from Axie Infinity’s Ronin Bridge. Safeheron set out with the mission of providing accessible security solutions for all businesses. Meeting a need that has not been met up to this time, Safeheron meets the growing demand among SMEs, who currently have few options for truly secure crypto storage solutions.
“Custodial security providers often compete for corporate clients and exclude SMEs with cost-effective solutions. “We are therefore excited to support Safeheron, which is making the protection of crypto assets more accessible with enterprise-level custody security solutions,” Partner of Yunqi Partners Yu Chen said.
“We have spent years developing our radically complex open-source, zero-reliable MPC-TEE security solution in-house, which is the first in Asia to date. “We are excited to have US$7 million for our Pre-A, and we are happy to take it to the next stage and develop ourselves as a security infrastructure,” said Wade Wang, CEO and Founder of Safeheron. “The US$7 million in Pre-A funding will give Safeheron the ability to scale our technology and services to more customers this year.”
Headquartered in Singapore, Safeheron is an open-source, self-storage solution provider for Web3.0 SMBs, founded by a team with over a decade of experience in cybersecurity and cryptography. Based on self-developed Multilateral Computing (MPC) and Trusted Execution Environment technologies and a flexible policy configuration that can be tailored to the complex needs of an enterprise, Safeheron enables SMEs to gain reliable and transparent industry-leading enterprise-grade access.