Singapore-based AI cybersecurity firm StealthMole has secured $7 million in Series A funding, led by Korea Investment Partners (KIP).
Contributions from Hibiscus Fund, a joint venture by RHL Ventures, Penjana Kapital, and KB Investment, as well as Smilegate Investment, were also part of this investment round.
The new funding will support StealthMole’s plans for international expansion and technology advancement across various sectors, as stated in the announcement.
StealthMole, known for its prominent presence in the business-to-government (B2G) market, aims to broaden its services to cater to the escalating demand for cybersecurity solutions in the enterprise sector.
The Asia-Pacific region, witnessing rapid digital growth, is susceptible to advanced cyber threats due to its fast-paced digital evolution.
As projected cybersecurity defense costs are anticipated to exceed $23 trillion by 2027, doubling in the next three years, StealthMole’s innovative approach to combating cybercrime becomes increasingly vital.
Employing an AI-driven digital investigation and threat monitoring platform, StealthMole fights cybercrime in Asia.
Founded by Louis Hur, an experienced enterprise IT security professional, and Simon Choi, a renowned threat investigator, the company utilizes 255 billion data points from the dark web, deep web, and other hidden sources to track cybercriminals using advanced AI technology.
Hur stressed the significance of understanding regional contexts to effectively tackle the surge in cybercrimes across Asia.
Meanwhile, Simon Choi, CTO, highlighted the technology’s substantial potential in enhancing cyber incident responses and prevention in the B2B sector.
Kim Min-Q, Managing Director at KIP, commended StealthMole’s agile development of AI and machine learning capabilities for seamless investigations.
Steven Hong, Principal at KB Investment, and Park Jung-In, Senior Vice President of Smilegate Investment, also expressed strong support for StealthMole’s vision and its impact on global cybersecurity, particularly in enhancing digital safety and protecting intellectual property in sectors like gaming.