Protos Labs, a cyber risk management company, has successfully raised SGD $3 million in its most recent seed round, funds that will be used to accelerate its global expansion and the development of cyber risk analytics and modelling tools for re/insurers.
The seed round saw participation from several investors, including BEENEXT, VinaCapital Ventures, Artem Ventures (in partnership with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures and Gobi Partners.
By fusing technologies in artificial intelligence, statistical modelling, threat intelligence, and cyber risk management, Protos Labs aims to tackle the challenges that come with the volatile cyber risk landscape.
This approach, the company states, enables them to adapt to the dynamic cyber threat environment, providing next-generation solutions to both cyber underwriters and enterprise risk managers.
“We are enthusiastic about Protos Labs’ vision and commitment to innovative cyber risk management. As a lead investor, we see the potential for substantial growth in the cyber insurance market and are eager to support this pioneering approach,” Faiz Rahman, Partner at BEENEXT, said.
Protos Labs’ innovative solutions have already garnered the attention of leading organisations such as the Lloyd’s of London and the Cybersecurity Agency of Singapore, the company noted.
Low Zhen Hui, Managing Partner at Artem Ventures, said: “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, added: “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.”
