The newly acquired funds are earmarked for propelling the company’s global expansion initiatives and advancing the development of cutting-edge cyber risk analytics and modeling tools tailored for re/insurers.
The seed funding endeavor garnered support from a diverse group of investors, including BEENEXT, VinaCapital Ventures, Artem Ventures (in collaboration with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners.
Protos Labs distinguishes itself by integrating artificial intelligence, statistical modeling, threat intelligence, and cyber risk management technologies. This strategic fusion positions the company to confront the complexities of the ever-changing cyber risk landscape. The objective is to provide adaptive solutions to the challenges faced by both cyber underwriters and enterprise risk managers in the dynamic cyber threat environment.
According to reports, Protos Labs has also caught the eye of prominent institutions, including Lloyd’s of London and the Cybersecurity Agency of Singapore, with its groundbreaking solutions, the company highlighted..
Speaking about the funding drive, Faiz Rahman, Partner at BEENEXT, said: “We are enthusiastic about Protos Labs’ vision and commitment to innovative cyber risk management. As a lead investor, we see the potential for substantial growth in the cyber insurance market and are eager to support this pioneering approach.”
Trung Hoang, Partner at VinaCapital Ventures, said: “Vietnam is an increasingly digital economy with growing emphasis on cyber. Protos Labs’ mission is to be the innovative hub of the region’s cyber insurance sector. With the Vietnamese government promoting digital transformation, Protos Labs can play a part in not just improving cyber security infrastructure but also the lives of Vietnam’s consumers.”
Low Zhen Hui, Managing Partner at Artem Ventures, also commented, saying: “As Southeast Asia’s digital economy continues to expand, and as cyber threats evolve, the need for a robust and comprehensive cyber risk management tool has become more pressing than ever.
He added: “We have been working with Protos Labs since last year, as they have been part of FWD’s Startup Studio accelerator program. Having observed their development and enhancement of their cyber risk management platform, we are confident that Protos Labs is well-positioned to address the gaps in the cyber risk space.”
Author: Joanna England
