Safeheron Reveals Pre-A+ Funding from Hashkey Capital and Bixin Ventures

Safeheron, first coming into the spotlight thanks to its partnership trialing its Multi-Party Computation algorithm with MetaMask, is announcing an undisclosed Pre-A+ fundraise from Hashkey Capital and Bixin Ventures. The amount follows a $7M Pre-Series A fundraise announced in August of last year.

Despite the bear market, the crypto markets have recently seen a resurgence, and with it a breath of life not only among crypto-native startups. Traditional institutions and Web 2.0 brands, observing the embattled markets roiled by the fallout of FTX are waking up to the reality that custody services by centralized exchanges are a liability, and a spark for distrust.

In turn demand by institutional clients for comprehensive self-custody solutions protected by Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) technology, is on the upswing, to Safeheron's benefit. Akin to the solution being provided to MetaMask, Safeheron's MPC and TEE algorithms enable clients to sign or approve transactions using multiple devices, which lessens the odds that the private keys are centralized if held by an individual on a single device. Instead, Safeheron's technology enables multiple stakeholders to manage all fund flows together through distributed key shards.

In fact, Safeheron's clientele since first announcing its partnership with MetaMask has expanded to include Rong360, DTC, Advance.AI, ZING, ABCDE Capital, and BitMart. More recently the company has signed a partnership with Alibaba Cloud, enabling the latter to expand into blockchain node and storage services by integrating Safeheron's MPC-TEE products into Alibaba Cloud's security tools. This enables the cloud service provider to offer "robust, secure and high-performance technology platforms and intelligence tools for Web3 developers," according to Leo Liu, General Manager of Hong Kong SAR, Macau SAR and Philippines at Alibaba Cloud Intelligence.

In discussing the allocation of this latest round of funding, Safeheron CEO and Founder Wade Wang explained,"This fresh round of fundraising will increase our capacity for innovation, research, and development in the high-growth MPC space, as we advance that goal."

On the matter of its Safeheron investment, Yang (Sunny) He, Investment Director at Hashkey Capital commented, "At Hashkey Capital, we're empowering blockchain engineers shaping the open economy. With Safeheron's truly innovative self-custody solutions, we see our new portfolio company as a vital player in the evolution of the Web3 ecosystem." Winxi, a partner at Bixin Ventures added, "Safeheron provides vital infrastructure for the open finance ecosystem, with crucial technical products that advance the blockchain industry as a whole. We expect MPC to continue to be a high-growth area in Web3 space."