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Taiwanese founded blockchain startup CYBAVO receives $4M Pre-A funding to consolidate global expansion
Good news came in succession for CYBAVO. CYBAVO announces to close $4M Pre-Series A Round co-led by global venture capital firm 500 Startups, after winning 1st place in the SelectUSA Investment Summit held by the U.S. Department of Commerce.
Singapore-based blockchain security solution provider CYBAVO announces that the $4 million USD Pre-A fund raising has been completed in June.)The round was co-led by global venture capital firm 500 Startups, Taiwan’s H&D Asset Management Company and New Economy Ventures. Other companies and investors from Taiwan, Silicon Valley, Singapore, Hong Kong and Japan also participated in the round.
“We will use the latest funding to expand our East Asian, European, and North American markets. Compliance is a key factor for whether a crypto startup can keep growing, so we will also invest in this part to make sure CYBAVO has complied with every countries’ regulations,” said Paul Fan, CEO of CYBAVO.
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.
For the European market, CYBAVO got selected as the top 10 startups to join Luxembourg’s leading 6-month startup acceleration program, and successfully graduated from it. “Only seven teams graduated from the accelerator. The accelerator not only give us financial support but also give us local resources, and our European customers are apparently increasing,” said Paul.
To expand the US market, CYBAVO attended 500 Startups’ flagship accelerator program and was accepted. They will be able to access to its global network of mentors, founders, and industry stakeholders.
A few months ago, CYBAVO won first place in SelectUSA Investment Summit’s Cybersecurity pitching session, a program led by the U.S. Department of Commerce. “We got chances to talk with business leaders from many states, and VCs and agents try to contact us after we won the award,” said Paul.
Digital asset custody and management is a USD $20 billion market where only a handful of companies offer end-to-end turn-key solutions for enterprises and institutional investors. CYBAVO offers these investors a solution to achieve a frictionless adoption of crypto assets with a focus on asset security and regulatory compliance.
"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.
“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 shows security, but it also provides 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,” said Chu Ping-Yu, Chairman of the Board at H&D Asset Management.
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".”
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