StealthMole, a groundbreaking dark web intelligence startup powered by AI, announced on Thursday that it has successfully raised a Series A funding round, totaling a remarkable $7 million.
“Having an R&D office in South Korea allows us to gain critical insights into how hackers from East Asia operate,” stated Simon Choi, the CTO of StealthMole, in an exclusive interview with TechCrunch.
The Singapore-based organization, which also has an R&D center in South Korea, plans on allocating the fresh capital towards expanding their research facilities, promoting the use of their technology in the B2B sector, and broadening their geographical influence.
Choi continued in the interview, “Similarly, having researchers from various backgrounds in Singapore for Southeast Asia, or in other unique locations, will aid us in analyzing data related to neighboring countries.”
Co-founded in 2022 by CEO Louis Hur, an established cybersecurity entrepreneur specializing in enterprise IT security, and CTO Simon Choi, a renowned threat investigator and open source intelligence (OSINT) profiler with previous experience as an advisor for prominent South Korean agencies such as the National Intelligence Service, the National Police Agency, and the Ministry of National Defense.
The startup currently serves an extensive clientele base of over 50 organizations in 17 countries spread across Asia, Europe, and the Middle East. The majority of their clients are government entities and law enforcement agencies, as well as cybersecurity teams within enterprises, responsible for identifying vulnerabilities and providing necessary support in handling cybersecurity threats and incidents.
In a statement, Hur revealed, “StealthMole was founded to fill a crucial gap in the market that I experienced firsthand while working in the field of cybersecurity and ethical hacking. The lack of comprehensive data points and information networks, particularly in Asia, was alarming to me. Additionally, cybercrimes were rapidly increasing, both due to malicious intent and human error. It became increasingly evident that to combat these digital threats effectively, it was crucial for law enforcement, intelligence agencies, corporate security teams, and cybersecurity experts to analyze regional contexts and their impact on illicit activities.”
The company claims to have the capability of tracing and apprehending criminals, utilizing an incredible 255 billion analyzed data points sourced from the dark web, deep web, and other hidden sources such as leaked databases, cybercriminal blogs, and Telegram.
Kevin Yoo, the COO of StealthMole, emphasized one of their key strengths, which sets them apart from their competitors in the cybersecurity industry. In a recent report by Check Point Research, Asia was found to have a significant surge in weekly cyberattacks in the first quarter of 2023, possibly attributed to the rapid digital transformation and the rise of the hybrid workforce. As Yoo pointed out, the manufacturing industry in Asia, particularly in areas such as semiconductors, holds valuable intellectual property, making it a prime target for cyber-espionage.
“The high demand for information on Asia-centric threats reflects the uniqueness and value of our dataset to customers globally, both within and outside of Asia,” Yoo stated confidently.
Korea Investment Partners acted as the lead investor in the Series A round, with additional contributions from Hibiscus Fund (a joint venture between RHL Ventures, Penjana Kapital, and KB Investment) and Smilegate Investment.
