Cybersecurity startup Silence Laboratories has raised $1.7 million in its seed funding round led by pi Ventures. Other angel investors including imToken Ventures, Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg and Ashish Tiwari also participated in the round.
The startup will use the funding to expand its product portfolio and strengthen its technology stack. Silence Laboratories will also use the investment to increase recruitment and expand its go-to-market (GTM) strategy to take on more clients.
The Singapore startup was founded in 2019 by Prakash, Andrei Bytes and Quek Quee Seng. Silence Laboratories is a business-to-business (B2B) library provider that enables enterprises to create more secure authentication and signature schemes.
Jay Prakash, Co-founder and CEO of Silence Laboratories, said, “We need to build a strong technical team, so a large part of the funding will go towards hiring. We also need to build a very strong business case that will be salable, so we will also hire more for the sales vertical.”
Prakash added, “With digital signatures, you usually have an encrypted private key, and the fundamental flaw is that your private key is stored in one place. What our library does is distribute the key to multiple servers depending on the nature of the business and then combine it. So there is no single point of failure.”
Silence Laboratories’ key product offerings include Silent Shard and Silent Auth. They claim that the two products are designed to support “different authentication and authorization requirements with different levels of contextualization.”
The startup deals with security issues when it comes to cryptocurrencies, institutional asset agencies and exchanges. It deploys multi-party computation (MPC)-based cryptography and signal processing-based evidence layers to secure digital wallets, exchanges, and login services for Web3.0 and Web2.0 products.
It works by decentralizing the encryption and decryption process to deter hackers from gaining unauthorized login access.
Responding to a question about Silence Laboratories’ business model, Prakash stated that the startup plans to charge its clients based on two aspects — the version of the libraries and the volume of APIs consumed annually.
The startup is working to establish a corporate research and development (R&D) center in South Asia with a specific focus on applied cryptography. The investment will also support research and development (R&D) and (goes towards) entering into various alliances.
Silence Laboratories has recently joined global alliances such as the MPC Alliance and the Decentralized Identity Foundation (DIF) to facilitate easier adoption of the startup’s libraries.
The startup is still in its nascent stage and is currently working on pilot projects with 6-7 companies. It would announce “a couple of new partnerships” within a few weeks or months.