Singapore-based blockchain security firm CYBAVO announces that it has raised $4 million in its pre-Series A funding round.

The round, completed in June, was co-led by global venture capital firm 500 Startups, Taiwan’s H&D Asset Management Company, and New Economy Ventures, CYBAVO said in a statement on Monday.

Other investors from Taiwan, Silicon Valley, Singapore, Hong Kong, and Japan also participated in the round.

“The company intends to use the latest funding to fuel expansion in the East Asian, European, and North American markets,” said CYBAVO Chief Executive Officer Paul Fan. “The funds will also be used for continued investment in the research and development of cybersecurity and blockchain technology, and to further raise the level of customer and product satisfaction.”

Digital asset custody and management is a $20 billion market, but not many companies offer end-to-end turn-key solutions for enterprises and institutional investors, according to the company. CYBAVO said it offers these investors a solution to achieve frictionless adoption of crypto assets with a focus on digital asset security and regulatory compliance.

This year, CYBAVO was accepted into 500 Startups’ flagship accelerator program. Through the program, it will have access to its global network of mentors, founders, and industry stakeholders.

The company also opened its first European office in Luxembourg and completed Fit 4 Start, a startup acceleration program in Luxembourg that provided CYBAVO with tailored coaching, funding, access to key network connections, and advice on regulations and the market in Europe.

In June, CYBAVO won first place in SelectUSA Investment Summit’s Cybersecurity pitching session, a program led by the US Department of Commerce. These achievements further showcase the company’s intent to deliver a successful international expansion.

Established in 2018, CYBAVO is a blockchain security solutions provider in the Asia Pacific. Its list of enterprise customers includes cryptocurrency exchanges, fund management companies, cryptocurrency wallet providers, and FinTech service providers. The company is insured by S&P AA-rated global reinsurance company and holds certifications for ISO 27001 and NIST’s Cryptographic Module Validation Program.