Safeheron, an open-source, zero-trust, self-custody solution for Web3 small and medium enterprises (SMEs), on August 19 announced that it has obtained $7 million in pre-A funding, and that its strategic partnership with crypto wallet MetaMask will integrate enterprise-grade Multi-Party Computation (MPC) multisignature security solutions through devices and applications.
Singapore-based Safeheron was founded in 2019 by Wade Wang, Max He and Bruce Wang. Its founding team has more than a decade of experience in cybersecurity and cryptography fields. Bruce Wang has spent years working in the technical teams at Tencent and Alibaba, while Wade Wang played a founding role in the creation of Damai.com, a major Chinese concert ticketing e-commerce platform.
Based on self-developed MPC and Trusted Execution Environment technologies, and a flexible policy configuration that can be tailored to businesses’ complex needs, Safeheron enables SMEs to gain access to trusted and transparent industry-leading institutional-grade security and multi-party management features.
The firm’s latest pre-A financing round was co-led by Yunqi Partners and Web3Vision, with participation from PrimeBlock Ventures, Cobo Ventures, M77 Ventures, ShataCapital, Kryptos, Antalpha Ventures, Waterdrip Capital, 7 O’CLOCK CAPITAL and Zhang Fan, the co-founder of Sequoia Capital China.
The $7 million pre-A investment in Safeheron comes at a time when losses from security vulnerabilities amount to billions of dollars stemming from vulnerable multisignature security solutions. On a mission to offer accessible security solutions for all businesses, Safeheron is filling an unmet need, namely the growing demand among SMEs who currently have few options for truly secure crypto custody solutions.
In terms of the cooperation with MetaMask, Safeheron’s MPC solution is customized for the crypto wallet and first integrated through MetaMask’s new “Snaps” system. With this solution, end users can enjoy an additional layer of protection. This means that instead of signing a transaction with just one device or application – like the MetaMask mobile wallet – users can sign transactions using two or three supported verification devices and applications.
Supported devices and applications integrated with Safeheron’s MPC multisignature technology can include the Keystone hardware wallet, MetaMask’s desktop extension, and MetaMask mobile.