Japanese Web3 security company KEKKAI completes 230 million yen in seed round financing

Source: 36氪

Japanese Web3 security project KEKKAI (Enclosure) completed a seed round of financing of 230 million yen. The Web3 Fund invested by Japanese financial giant SBI Holdings, Silicon Valley accelerator Plug and Play, and Japanese billionaires MZ Web3 Fund, Bixin Ventures, Sora Ventures and other funds participated in the investment.

This financing will be used for the iteration of ToC security products, the improvement of marketing policies for market security literacy, the expansion of security service businesses such as Audit, and the recruitment of marketing HR, security engineers, and Web3 researchers. wait.

Prior to this round of financing, the company completed a Pre-seed round of financing in February 2023, with the investor being Japanese local VC Skyland Ventures.

KEKKAI creative team

KEKKAI is a Japanese start-up that hopes to improve the security of cryptocurrency transactions and at the same time Help users reduce asset risks.

It is understood that KEKKAI was established in January 2023 and focuses on the development and operation of web3 security products for general consumers. It completed the first round of 50 million yen financing in February 2023 and has launched a Web3 wallet. The security plug-in is currently installed by more than 40,000 people and protects a total of approximately 20 billion yen in assets.  

KEKKAI’s products will be put on the market soon after this round of financing, including “mobile web3 secure browser” and enterprise web3 security brand “KEKKAI Labs”.

From the perspective of market demand, although there are many subdivisions in Web3 security, most wallets, as one of the transaction infrastructures, do not have a high security experience. An obvious manifestation is that even though wallets are often used as a medium for transaction authorization, for users, the signature requests displayed by wallets are often "unreadable".

KEKKAI is committed to solving this problem. From the effect point of view, if users use KEKKAI, they can obtain the risk judgment information provided by it during transactions - if there is an abnormality, KEKKAI will display a risk prompt on the page.

Looking specifically at the logic of the product, KEKKAI mainly improves wallet security through the two steps of "transaction data analysis + simulated trading - risk judgment". He further explained that when a transaction occurs, KEKKAI will execute the transaction data through the EVM in the Ethereum node and analyze the operation codes related to the smart contract to predict the current transaction status.  

"Through this step, we can let the user see the prediction results. For example, his own account is likely to have something like 'lose one Ethereum, buy one NFT, transfer 10 NFT' Wait for the operation." Duma explained.  

In this process, KEKKAI can also help determine whether there are security risks such as false NFT fraud in the transaction. For example, when ensuring the security of NFT, KEKKAI will make a comprehensive judgment on whether the NFT has obtained blue label certification on OpenSea, the formal contract name of the exchange, and the floating price of the sale. Finally, the user will see a comprehensive risk judgment result (such as Warning).

In the future, KEKKAI will further expand its business and popularize the Web3 user security suite that combines the existing product KEKKAI Plugin" and the new product KEKKAI Mobile" to realize the vision from the beginning of the company's establishment.

In terms of team composition, the founder and CEO Duma is a Chinese international student, currently studying at Waseda University. He started starting a business in Japan in 2019 and has started many times on the Internet. Many of the other team members are Chinese. From ByteDance.