Singapore-based web3-focused cybersecurity platform Silence Laboratories has raised $1.7 million round of seed funding led by Pi Ventures.
ImToken Ventures, a web3-focused fund, and well-known angel investors including Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg, Ashish Tiwari, and others also participated in the round.
The startup intends to use these additional funds to expand its go-to-market functions, enhance its team, and broaden its product offerings to include a developer-centric decentralised security stack. These efforts will assist businesses in implementing cutting-edge authentication and authorization methods.
Founded in 2019 by Dr. Jay Prakash, Dr. Andrei Bytes and Dr. Tony Q.S. Quek, With both domestic and foreign partnerships, Silence Laboratories is attempting to establish an Applied Cryptography and Web3 Security business R&D centre in South Asia.
“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. Hence, the internet is witnessing a growing push towards distributed authentication protocols and signature schemes and Silence Laboratories is at the forefront of this revolution. Wallet cloning, browser wallet extension hacks, phished DEX and CEX websites are all compromised examples of bad authentication practices in Web3. “We want Web3 folks to talk to us about fixing this. We’re happy to make custom collaborations as needed, but we must do this together, as an industry”, Jay Prakash, CEO and Co-Founder at Silence Laboratories said.
“Our cryptographic libraries hope to remove several active attack vectors prevalent in the industry today, In our pursuit to facilitate easier adoption of our libraries and helping enterprises develop together, we recently joined premier global alliances such MPC alliance and Decentralized Identity Foundation (DIF) said Andrei Bytes, CTO and Co-Founder at Silence Laboratories”.
“Among others, SL’s team integrated Silent Shard with MetaMask’s Snaps which in itself is a great example of how MetaMask has opened the wallet design ecosystem. The Snap based designs will help to enhance wallet security and set benchmarks for MPC based wallets,” says Jay Prakash.
“Issues with private key management have led to loss of Billions of dollars in 2022 alone. The holy trifecta of ironclad security, great user experience and developer-friendliness for Web 3 is yet to be cracked and we believe the team at Silence Laboratories is best placed to solve this. Jay and Andrei bring complementary skill sets and the early tractions are testament to their innovative solutions. We’ve been extremely impressed by the team at Silence Laboratories and are excited to back them in these times of constant hacks,” said Shubham Sandeep, MD Pi Ventures.