Protos Labs, a Singapore-based cyber risk management company, announced today that it has raised $3 million in seed funding. The company plans to use the funds to accelerate its global expansion and product development as it works to revolutionize the cyber insurance and risk management landscape.
The cyber risk landscape is constantly evolving, making it difficult for businesses to stay ahead of the curve. Protos Labs tackles this challenge by using a combination of artificial intelligence, statistical modeling, threat intelligence, and cyber risk management to help organizations make informed and agile risk decisions.
The company’s solutions have already garnered the attention of leading organizations such as the Lloyd’s of London and the Cybersecurity Agency of Singapore. Protos Labs’ seed round funding was led by BEENEXT, with participation from VinaCapital Ventures, Artem Ventures, Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners.
“We are enthusiastic about Protos Labs’ vision and commitment to innovative cyber risk management,” said Faiz Rahman, Partner at BEENEXT. “As a lead investor, we see the potential for substantial growth in the cyber insurance market and are eager to support this pioneering approach.”
“Cyber Threats Evolve”
Low Zhen Hui, Managing Partner at Artem Ventures, added, “As Southeast Asia’s digital economy continues to expand, and as cyber threats evolve, the need for a robust and comprehensive cyber risk management tool has become more pressing than ever. We have been working with Protos Labs since last year, as they have been part of FWD’s Startup Studio accelerator program. Having observed their development and enhancement of their cyber risk management platform, we are confident that Protos Labs is well-positioned to address the gaps in the cyber risk space.”
Trung Hoang, Partner at VinaCapital Ventures, said, “Vietnam is an increasingly digital economy with growing emphasis on cyber. Protos Labs’ mission is to be the innovative hub of the region’s cyber insurance sector. With the Vietnamese government promoting digital transformation, Protos Labs can play a part in not just improving cyber security infrastructure but also the lives of Vietnam’s consumers.”
Protos Labs was founded by ex-Booz Allen cyber leaders Joel Lee and Simeon Tan. The company is headquartered in Singapore.
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