A Singaporean firm focused on cyber risk management called Protos Labs has Secured $2.3 million in oversubscribed Seed Funding.
The investors include Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, Artem Ventures (in collaboration with FWD Insurance), A2D Ventures, BEENEXT, VinaCapital, and Gobi Partners.
The company intends to expedite both its product development and geographical expansion with the utilization of the money.
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Protos Labs, founded by Joel Lee and Simeon Tan, two former experts at Booz Allen Hamilton, provides unique cyber risk management solutions to the insurance and cyberspace nexus.
Businesses and insurers may better decrease their exposure to cyber risk and underwrite and price cyber risks using the AI-driven platform. Additionally, it provides cyber insurance directly to Singaporean enterprises through its sister company, Protos Cover.
Lloyd’s of London and the Cybersecurity Agency of Singapore are among the startup’s clientele. The money is being provided against the backdrop of Protos Labs’s triple annual revenue growth.
Protos Labs CEO Joel Lee commented: “This funding allows us to accelerate our growth, advance our product development, and further strengthen our presence in key markets. As cyber threats evolve, our goal is to deliver holistic cyber risk solutions that combine both protective software and insurance for residual risk transfer.”
About Protos Labs
Protos Labs was created in 2021 by ex-Booz Allen cyber executives. They aim to strengthen Asia’s cybercrime resilience by providing enterprise and consumer cyber risk management solutions. Lloyds of London, HannoverRE, Singapore Cybersecurity Agency, etc.
