Web3 security company KEKKAI raises JPY 230m in seed round

KEKKAI, a company specializing in Web3 security, has raised approximately JPY 230m in seed funding from 14 investors including Decima Fund (jointly operated by SBI, Animoca, Gumi, and MZ Cryptos), Bixin Ventures and Sora Ventures which invest in Web3 projects globally, as well as Plug and Play. KEKKAI also announced the release of KEKKAI Mobile, a browser app with built-in Web3 security standards.

Going forward, KEKKAI will recruit additional staff to expand its existing product KEKKAI Plugin and new product KEKKAI Mobile as a Web3 security kit, as well as expand enterprise Web3 security services, in order to realize its vision of “Web3 that anyone can trust”.

Background of Fundraising and Future Developments

Web3 refers to a decentralized internet that utilizes blockchain (distributed network technology), represented by NFTs and cryptocurrencies. It is attracting attention as a new core industry in Japan, but security issues are also prominent. In fact, in 2022, around JPY 500bn in fraud and hacking damages were incurred through security vulnerabilities, creating strong headwinds for investors, entrepreneurs and companies looking to enter the Web3 space.

Under the vision of “Web3 that anyone can trust”, KEKKAI provides services for both individuals and businesses.

Currently, KEKKAI offers the PC browser extension “KEKKAI Plugin” with 200,000 users worldwide for individual Web3 users, the newly released “KEKKAI Mobile” mobile app, “KEKKAI SDK/API” for businesses, and a new business “KEKKAI Audit” code audit service. KEKKAI has raised this funding round in order to enhance these services and expand its business, as well as create employment opportunities by hiring new members.

In addition, going forward, KEKKAI will work on researching and developing “security layers” to build secure ecosystems that combine its current services with the decentralization features of Web3.

The funds raised will be allocated mainly to:

• Upgrades to consumer security products
• Marketing initiatives aimed at improving security literacy in the market
• Business expansion of enterprise security services like Audit
• Strengthening hiring in marketing, B2B sales, HR, engineering, Web3 research, etc.

Web3 Security Standard Equipped Browser App “KEKKAI Mobile”

KEKKAI Mobile is a free Web3 browser app for individual users that provides an unprecedented security experience. It aims to protect users’ cryptocurrency assets from hacking and information leakage. When executing transactions or signing, it simulates and analyzes the details and notifies users of the transaction contents and risks in detail.

The Web3 experience on smartphones up until now relied on wallet apps for security features. KEKKAI has also received requests and concerns from users of the desktop KEKKAI browser extension that smartphone security is insufficient and worrying. In fact, many cases of cryptocurrency leakage stem from users not understanding or misunderstanding transaction details.

KEKKAI Mobile also has a new point function. Users can earn points by using KEKKAI for Web3 transactions or recommending it to friends. Earned points can be exchanged for items, and the points tally will determine periodic rewards.

Through KEKAI Mobile, KEKKAI aims to enable safe onboarding to the Web3 world for more users, and become an existence that can support Japan in regaining its global competitiveness.

New Service “KEKKAI Audit”

KEKKAI Audit reviews blockchain apps (Dapps) and smart contracts for hacking risks and vulnerabilities before deployment. KEKKAI Audit creates reports summarizing the vulnerability checks and security scores.

Code auditing before deployment is extremely important for Web3 projects. Once deployed on the blockchain, changes become difficult. In addition, hacking damages can be enormous.

Leveraging expertise gained from operating KEKKAI Plugin/Mobile and 24/7 on-chain analysis, KEKKAI provides this service as Web3 security specialists.

Penetration testing and other Web3 security needs available

Depending on the plan, penetration testing can also be incorporated into KEKKAI Audit.

Penetration testing involves white hat hackers attempting to penetrate systems using methods a malicious attacker would, in order to test security in practical ways.

Utilizing white hat hackers on our team, KEKKAI can conduct more practical security reviews.

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