Silence Laboratories, a Web3-focused cybersecurity startup headquartered in Singapore working on libraries for MPC and Proofs-based Decentralized Security-as-Service (DSaaS), closed a $1.7 million seed round dollars in seed funding, led by Pi Ventures. Their core technology to support developer-focused, high-level, decentralized security for digital assets with key management, distributed signing, and authorization features is built on a unique fusion of Multiparty Computing (MPC) , detection and intelligent signal processing.
The round also included participation from web3-centric funds such as imToken companies and prominent angels like Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg, Ashish Tiwari, and more. The startup plans to use the funding to further expand its product offerings toward a developer-centric decentralized security stack, strengthen its team, and expand its go-to-market operations to help enterprises adopt authentication techniques and peak clearance.
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Silence Laboratories (SL) is on a mission to build a developer-focused cryptographic stack and is driven to democratize non-trivial libraries. SL has worked closely with several leading players, especially in the Web 3 ecosystem, to develop the flagship products – Silent Shard and Silent Auth. They are designed to support various authentication and authorization requests with a very high degree of contextualization, whether for custodians of high-risk digital assets, non-custodial digital wallets, semi-custodial phone wallets , online exchanges with high usability expectations, or web-centric cloud service providers3.
“Account takeover due to a single point of failure of private keys is on an unprecedented increase affecting businesses and different business sectors Web3. As a result, the Internet is experiencing 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 of Silence Laboratories. Web DEX and CEX phishing are all compromised examples of bad authentication practices in Web3 “We want the folks at Web3 to talk to us about fixing this. We’re happy to do custom collaborations as needed, but we have to.” do together, as an industry,” he said.
“Our cryptographic libraries hope to remove several active attack vectors prevalent in the industry today,” said Andrei Bytes, CTO and co-founder of Silence Laboratories. “In our quest to increase adoption of our libraries and help businesses grow together, we recently joined leading global alliances such as the MPC Alliance and the Decentralized Identity Foundation (DIF).
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“Among other things, the SL team integrated Silent Shard with Snaps from MetaMask, which in itself is a great example of how MetaMask has opened up the wallet design ecosystem. Snap-based designs will help improve wallet security and set benchmarks for MPC-based wallets,” says Jay Prakash.
“Private key management issues resulted in billions of dollars lost in 2022 alone. Web 3 has yet to be fixed and we believe the Silence Laboratories team is best suited to solve this problem. Jay and Andrei bring complementary skills and the first pulls show their innovative solutions. We were extremely impressed by the team at Silence Laboratories and are thrilled to support them in these times of constant hacks,” said Shubham Sandeep, MD pi Ventures.
Silence Laboratories is working to set up an enterprise R&D center in applied cryptography and Web3 security in South Asia, with local and international collaborations. The center will attract some of the best talent from around the world to help solve niche problems in usable security and MPC algorithms and will form the backbone of several upcoming companies and products.