Early-stage venture firm Pi Ventures has led the $1.7 million seed funding in Silence Laboratories, a web3-focused cybersecurity startup headquartered in Singapore.
The funding round was also participated by web3 centric funds such as imToken ventures and prominent angels like Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg, Ashish Tiwari, and more.
Silence Laboratories 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.
The startup has been working closely with several leading players, in the Web 3 ecosystem particularly, to develop the flagship products – Silent Shard and Silent Auth. They are designed to support varied demands of authentication and authorizations with very high degree of contextualization, be it for digital asset custodians with high risks, non-custodial digital wallets, semi-custodial phone based wallets, online exchanges with high expectations on usability, or web3-centric cloud service providers.
It is working on setting up an Applied Cryptography and Web3 Security corporate R&D centre in South Asia, with local and international collaborations. The centre will attract some of the best talents globally to contribute in solving niche problems in usable security and MPC algorithms and set the backbone for several upcoming businesses and products.
“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,” says Jay Prakash, CEO and Co-Founder at Silence Laboratories.
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,” he added.
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