Blockchain security startup Cybavo secured $4 Million in Pre-A Funding Round

Cybavo, a Singapore-based blockchain security solution provider, has now secured $4 million in Pre Series A funding round.

Cybavo is founded by Paul Fan. It offers blockchain security solutions in the Asia Pacific to enterprise customers such as cryptocurrency exchanges, cryptocurrency wallets providers, fund management companies, and several fintech service providers.

Shawn Chu, Principal at 500 Startups, said, "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".

Ethan Tsai, Managing Partner at New Economy Ventures, 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."

The round was backed by the 500 Startups, New Economy Ventures, and H&D Asset Management Company. Investors from Hong Kong, Japan, Silicon Valley, and Taiwan also participated in the funding round.

The company, as of now, has plans to use the newly raised funds to accelerate expansion in the European, East Asian, and North American markets. The blockchain startup also intends to invest in the research and development activities of blockchain and cybersecurity to further secure the level of customer and product satisfaction it delivers, notes the announcement.