- Aims to further develop its cyber security insurance platform
- The funds will go towards expanding services, deepening the presence in Asia
Singapore-based cyber security company Blackpanda has raised US$15 million (RM64.6 million) in its Series A funding round led by Primavera Venture Partners and Gaw Capital Partners. San Francisco-based WI Harper also participated in this round.
In a statement, the startup said this round will fund the expansion of its technology-enabled cybersecurity services, including digital investigation and incident response.
It said the company will also further develop its underlying artificial intelligence and machine learning cybersecurity insurance platform.
With offices in Singapore, Hong Kong, Tokyo, Manila and San Francisco, Blackpanda said it plans to deepen its presence throughout Asia.
Gene Yu (picture)group CEO Blackpanda said cybercrime caused a staggering US$1 trillion (RM4.3 trillion) plus in losses in 2020 and is rising rapidly in Asia.
“Nearly half of all Singapore businesses will suffer a cyber attack in 2021, therefore the first step to cyber security is to ensure a response-based plan is in place before a sudden hack,” he added.
“A business owner wouldn’t open a brick-and-mortar office without access to firefighters — yet the chances of a fire are only 1 in 2,000 for businesses, while a cyber attack is an incredible one in five,” Yu said.
Philip Hu, founding member and CEO of Primavera said that cyber security and cyber insurance are environmental, social and governance issues.
“Cyber attacks pose a huge risk to the value of businesses and ultimately the stability of society,” he added.
“Blackpanda is leading the way in Asia to help companies, especially the largely underserved SME market, manage cyber security and cyber insurance as part of their ESG strategy,” Hu said.
Blackpanda was founded in 2015 by Gene Yu, Matt Pecot and Kevin McCaffrey, all three of whom served in the US Army Special Forces.
Yu is a computer scientist from West Point and has worked at Palantir and Credit Suisse in Asia, while Matt Pecot was previously Head of Markets for Asia Pacific at Barclays.