Korea Investment Partners (KIP) led a $7 million Series A funding round that was won by Singapore-based cybersecurity company StealthMole.
In a statement released on Thursday, StealthMole said that Smilegate Investment and Hibiscus Fund—a global joint venture between RHL Ventures, Penjana Kapital, and KB Investment—had also joined the round.
StealthMole said in a statement that it will use the additional funding to bolster its efforts to expand internationally and to advance the development of its technology use cases for a range of industries.
Its capabilities are anticipated to be further diversified through the Series A funding round in order to meet the growing cybersecurity demands of the enterprise sector, having already established a solid foundation in the business-to-government (B2G) market.
With some of the biggest digital economies in the world, Asia-Pacific (APAC) is more susceptible to sophisticated cybercrime attacks due to the region’s rapid digital transformation.
It is also anticipated that the expense of protecting against cyberattacks will increase threefold over the next three years, to the tune of US $23 trillion by 2027.
StealthMole is an artificial intelligence (AI)-enabled digital investigation and threat monitoring platform that was founded in response to these expanding cybersecurity needs. Its primary objective is to identify and mitigate cybercrime in the Asian region.
The company is led by Simon Choi, a former adjunct professor and renowned threat investigator with deep ties to South Korea’s national police and intelligence services, and Louis Hur, an enterprise information technology (IT) security specialist who previously founded a cybersecurity firm in South Korea.
“StealthMole came about from a critical market gap I encountered while working in cybersecurity and white-hat hacking: a severe lack of data points and information networks specifically within Asia,
“At the same time, data leaks, anonymised transactions, and all manner of cybercrimes were spiking — both due to malicious intent and human error. To better understand digital threats, it’s crucial for law enforcement, intelligence agencies, corporate security teams, and cybersecurity experts to analyse regional contexts and their impact on illicit activities,” shared Louis Hur, Founder, and Chief Executive Officer of StealthMole.
