Cybersecurity Startup Silence Laboratories raises $1.7 Mn in seed round led by Pi Ventures
- ByStartupStory | September 1, 2022
Silence Laboratories, a cybersecurity business, has raised $1.7 million in a seed fundraising round led by Pi Ventures. Other angel investors in the round were imToken Ventures, Daniel Ari Friedman, Mahin Gupta, CK Vishwakarma, Priyeshu Garg, and Ashish Tiwari. The funds will be used to grow the startup’s product offering and boost its technology stack. Silence Laboratories will also use the funds to enhance its recruitment and go-to-market (GTM) strategy to take on more clients.
“With digital signatures, you normally have an encrypted private key, and the fundamental problem is that your private key is held in one location,” Prakash continued. Depending on the nature of the business, our library distributes the key to several servers before combining them. As a result, there is no single point of failure.” Silent Shard and Silent Auth are two of Silence Laboratories’ primary product lines. According to the company, the two products are intended to support “various authentication and authorization requirements with varying levels of contextualization.”
The startup is concerned with cryptocurrency security, institutional asset agencies, and exchanges. It uses multi-party computation (MPC)-based encryption and signals processing-based proof layers to protect Web3.0 and Web2.0 products’ digital wallets, exchanges, and login services. It prevents hackers from gaining unauthorized login access by decentralizing the encryption and decryption processes.
In response to a query about the business strategy of Silence Laboratories, Prakash noted that the firm intends to charge its clients based on two factors: the version of the libraries and the number of APIs accessed annually. The startup is attempting to construct a corporate research and development (R&D) center in South Asia, with a particular emphasis on applied cryptography. The funding will also support research and development (R&D) and will contribute to the formation of various alliances.
Silence Laboratories has recently joined worldwide alliances like the MPC Alliance as well as the Decentralized Identity Foundation (DIF) to make their libraries more widely available. The startup is still in its early stages and is actively collaborating on pilot projects with 6-7 businesses. It would announce “a couple of new agreements within a few weeks or months.”
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