Cybersecurity Startup Silence Laboratories Raises Investment

Cybersecurity startup Silence Laboratories has raised $1.7 million in a seed round of funding that was spearheaded by pi Ventures. imToken Ventures, together with Mahin Gupta, Daniel Ari Friedman, Priyeshu Garg, CK Vishwakarma, and Ashish Tiwari, participated in the round as well.

The business will utilize the funds to grow its product offering and strengthen its technology stack. Additionally, Silence Laboratories plans to scale its go-to-market (GTM) strategy and increase hiring as a result of the financing.

“We need to establish a strong technical staff, thus a significant portion of the funds raised will go toward hiring. For that, we will hire additional people for the sales vertical &  also we need to develop a really solid business case that is sellable.”, said Jay Prakash, co-founder, and CEO of Silence Laboratories.

Quek Quee Seng, Andrei Bytes, and Prakash established the Singapore-based startup in the year 2019. According to Prakash, Silence Laboratories is a B2B library supplier that empowers businesses to create more secure authentication and signature systems.

The startup addresses security concerns with exchanges, institutional asset agencies, and crypto-wallets. It uses layers of proofs based on signals processing and multi-party computation (MPC) cryptography to secure digital wallets, exchanges, and login services for Web3.0 and Web2.0 products.

In order to prevent hackers from gaining illegal login access, it operates by decentralizing the encryption and decryption process.

As per Prakash, “The primary problem with using a private key for digital signatures is that it is often kept in one location and is encrypted. Depending on the type of business, our library distributes the key over several servers before combining it. There is no one point of failure”.