Safeheron, the Singapore-based digital asset self-custody infrastructure provider, has on last Friday announced it has secured a Pre-A+ fundraising round led by Hashkey Capital and Bixin Ventures.

The amount raised in the top-up round remains undisclosed. It follows a $7 million Pre-A round announced last August led by Yunqi Partners and Web3Vision, and precedes a Series A currently under ongoing discussions.

Safeheron said in a statement that the firm operates at the forefront of this battle to secure user funds in Web3.

The Pre-A+ investment will be used to advance engineering and science research and development (R&D), including novel multi-party computation (MPC) algorithms, trusted execution environment (TEE) hardware isolation, and new enterprise-grade solutions to meet clients’ evolving security needs.

“Since our founding, Safeheron has been dedicated to building next-generation, open-source, transparent and decentralized custody infrastructure for digital assets,

“Our priority is to facilitate highly secure, reliable, and cost-efficient asset management solutions for Web3 users,” said Safeheron Chief Executive Officer and Founder Wade Wang.

According to him, this fresh round of fundraising will increase the firm’s capacity for innovation, research, and development in the high-growth MPC space, as it advances that goal.

Established in 2019, Safeheron is a open-source digital asset self-custody service platform.

Utilizing secure MPC and TEE technology, the firm provides comprehensive self-custody solutions for institutional customers.

Its solutions ensure that customers have complete control over their private keys and assets, while also enhancing security and efficiency.

The firm is dedicated to becoming the premier self-custody security infrastructure for digital assets in the industry.

Safeheron said MPC wallets see growing adoption among institutions, and innovation.

According to Safeheron, the MPC wallet space is currently experiencing a surge in usage and integration among enterprise clients seeking highly secure Web3 self-custody solutions.

For example, Coinbase recently announced its own move into the space, and Alibaba Cloud has partnered with Safeheron on MPC tech.

As the blockchain industry matures and attracts more mainstream players, Safeheron said MPC is set to be a priority among professional institutional clients seeking secure infrastructure.

“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,” said Yang (Sunny) He, Investment Director at Hashkey Capital.

According to the statement, Safeheron has expanded its institutional partnerships in MPC, including with Alibaba Cloud.

Amid the growth in institutional interest and adoption of MPC, it said Safeheron has been expanding its own roll call of enterprise partners.

The firm announced its integration with MetaMask last August, and since then has also added names like Rong360, DTC, Advance.AI, ZING, ABCDE Capital, and BitMart to that list.

The most recent addition is Alibaba Cloud. It is noted that Alibaba Cloud will provide robust, secure and high-performance technology platforms and intelligence tools for Web3 developers.

With Web2 giants such as this joining the foray into Web3, and MPC specifically, this rising mainstream adoption will be a boon for blockchain infrastructure providers.

It is also noted that Alibaba Cloud is expanding into blockchain node and storage services, and has partnered with Safeheron to deepen its know-how in digital asset security.

Safeheron’s MPC-TEE security products and infrastructure will be integrated into Alibaba Cloud’s security tools.

“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,” said Wangxi, Partner at Bixin Ventures.

Since its last fundraising round, Safeheron has launched a suite of Web3 products, gained ISO27001 certification for information security management systems, and expanded into new markets such as Japan and Hong Kong.

Safeheron also recently brought to light a security vulnerability within certain dApps such as dYdX, and released its open-source MPC-ECDSA protocol to help patch the vulnerability as it relates to MPC wallets.

Singapore’s Safeheron raises $7M Series Pre-A funding led by Yunqi Partners and Web3Vision