StealthMoleAn AI-powered dark web intelligence startup that specializes in monitoring cyber threats and detecting cybercrimes announced Thursday that it has raised a Series A funding round worth $7 million.
The startup, which is headquartered in Singapore and has an R&D office in South Korea, will use the fresh capital to establish additional R&D centers, support more commercial uses of its technology in the B2B sector and geographical expansion.
“Having an R&D office in South Korea allows us to gain important insights into how East Asian hackers operate,” Simon Choi, chief technology officer (CTO) of StealthMole, told TechCrunch. “Similarly, having researchers from different backgrounds in Singapore for Southeast Asia, or in other unique locations, will help us analyze data related to neighboring countries.”
StealthMole was founded in 2022 by Louis Hoare (CEO), an enterprise IT security expert and serial cybersecurity entrepreneur, and Choi (CTO), a threat investigator and open source intelligence (OSINT) analyst who previously worked as a consultant for The National Intelligence Service of South Korea, the National Police Agency, and the Ministry of National Defense of South Korea.
The startup serves more than 50 clients in 17 countries in Asia, Europe and the Middle East. Its current client base includes mostly government agencies, national security law enforcement agencies, and cybersecurity teams within organizations, which manage cybersecurity incidents, analyze threats, and provide cybersecurity guidance and support.
“StealthMole came about as a result of a significant gap in the market I encountered while working in cybersecurity and white-collar hacking: the severe shortage of data points and information networks, specifically within Asia,” Hoare said in a company statement. “At the same time, cases of data leaks, anonymous transactions, and all types of cybercrimes have been on the rise – due to malicious intent and human error. To better understand digital threats, it is necessary for law enforcement agencies, intelligence agencies, corporate security teams, and cybersecurity experts to analyze regional contexts and their impact.” on illegal activities.
The group says it tracks criminals using 255 billion data points analyzed from the Dark Web, Deep Web and various hidden sources, including leaked databases, cybercriminals' blogs and Telegram.
One thing that sets it apart from its competitors in the cybersecurity industry is its unique expertise in Asia-related threats, Kevin Yu, StealthMole's chief operating officer (COO), told TechCrunch. according to Report from Check Point Research, Asia saw the highest year-on-year increase in weekly cyberattacks in the first quarter of 2023 Due to rapid digital transformation; The rise of the hybrid workforce and manufacturing industries in Asia, such as semiconductors that own intellectual property, could be a target for cyber espionage.
“The high demand for Asia-oriented threat intelligence underscores the uniqueness and value of our data set to customers around the world, both within Asia and beyond,” Yu said.
Korea Investment Partners led the Series A round with participation from Hibiscus Fund (a joint venture between RHL Ventures, Penjana Kapital and KB Investment) and Smilegate Investment.
