Protos Labs co-founder and CEO Joel Lee
Protos Labs, a cyber risk management startup in Singapore, has secured SGD 3 million (US$2.3 million) in oversubscribed seed funding.
The investors are A2D Ventures, BEENEXT, VinaCapital, Artem Ventures (in partnership with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners.
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The company plans to use the funds to accelerate its regional expansion and product development.
Founded by ex-Booz Allen Hamilton experts Joel Lee and Simeon Tan, Protos Labs serves the intersection of insurance and cyber through its patented cyber risk management technology. The AI-driven platform enables enterprises and insurers to reduce cyber risk exposure better and underwrite and price cyber risks. Through its sister company, Protos Cover, it also offers cyber insurance directly to businesses in Singapore.
The startup’s clients include Lloyd’s of London and the Cybersecurity Agency of Singapore.
The funding comes on the backdrop of Protos Labs’s 3x year-on-year revenue growth.
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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.”
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Image Credit: Protos Labs.
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