Blackpanda Founder and Group CEO Gene Yu
Singapore-based cybersecurity firm Blackpanda, which specialises in incident response and digital forensics, has secured US$15 million in its Series A funding round.
Primavera Venture Partners and Gaw Capital Partners led the round, with participation from San Francisco-based WI Harper.
The company will use the capital to expand its technology-enabled cybersecurity services, including digital forensics and incident response. It will also develop its underlying Artificial Intelligence and Machine Learning cybersecurity insurtech platform.
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Moreover, the startup plans to deepen its presence across Asia. At present, it has offices in Singapore, Hong Kong, Tokyo, Manila, and San Francisco.
Founded by Gene Yu (Group CEO), Matt Pecot, and Kevin McCaffrey, Blackpanda aims to protect, defend, and insure across Asia and claims to provide a holistic and practical cyber resiliency solution for its clients of any size. It develops and leverages innovative cybersecurity services, digital forensics data, and loss-adjusting capabilities for its insurtech platform.
The startup claims it has elite special risk and security experts from best-in-class military special forces, intelligence, forensics, and law enforcement backgrounds worldwide.
CEO Gene Yu said: “Cybercrime caused a staggering US$1 trillion-plus in losses in 2020 and is rapidly climbing in Asia. Nearly half of all Singapore businesses suffered a cyberattack in 2021.”
“The first step to cybersecurity is ensuring a response-based plan is in place before a sudden hack. A business owner wouldn’t open a physical office without access to firefighters. Yet chances of a fire are only one out of 2,000 for businesses while a cyberattack is an incredible one out of five,” he added.
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Philip Hu, Founding Member and Managing Director of Primavera, said, “Cybersecurity and cyber insurance are environmental, social and governance (ESG) issues. Cyberattacks present a huge risk to the value of companies and, ultimately, the stability of society. Blackpanda is leading the charge in Asia to help companies, particularly the largely underserved SME market, manage cybersecurity and cyber insurance as part of their ESG strategy.”
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