Singapore-based AI cybersecurity firm StealthMole has announced raising $7 million in Series A funding, a round spearheaded by Korea Investment Partners (KIP).
This investment round also saw contributions from Hibiscus Fund, a multinational venture between RHL Ventures, Penjana Kapital, and KB Investment, alongside Smilegate Investment.
The fresh capital will be directed towards StealthMole’s international expansion ambitions and the further development of its technology for diverse sector applications, according to the announcement.
Known for its strong presence in the business-to-government (B2G) market, StealthMole aims to extend its offerings to meet the growing demand for cybersecurity solutions within the enterprise sector.
The Asia-Pacific region, home to rapidly growing digital economies, faces heightened risks of sophisticated cybercrime due to its swift digital transformation.
With cybersecurity defense costs projected to reach over $23 trillion by 2027, doubling in the next three years, StealthMole’s innovative approach to cybercrime detection and mitigation is more critical than ever.
StealthMole utilizes an AI-enabled digital investigation and threat monitoring platform to combat cybercrime in Asia.
Founded by Louis Hur, a seasoned enterprise IT security expert, and Simon Choi, a prominent threat investigator, the company leverages 255 billion analyzed data points from the dark web, deep web, and other hidden sources to trace cybercriminals using advanced AI.
Hur emphasized the importance of understanding regional contexts to effectively address the surge in cybercrimes across Asia.
Meanwhile, Simon Choi, CTO, highlighted the technology’s significant potential in improving cyber incident responses and prevention in the B2B sector.
Kim Min-Q, Managing Director at KIP, praised StealthMole’s agile development of AI and machine learning capabilities for seamless investigations.
Steven Hong, Principal at KB Investment, and Park Jung-In, Senior Vice President of Smilegate Investment, also expressed strong support for StealthMole’s vision and its impact on global cybersecurity, particularly in enhancing digital safety and intellectual property protection in sectors like gaming.