Singapore-based cyber emergency response firm Blackpanda has announced raising $6.7 million more in its Series A funding round, bringing the round’s total size to $21.7 million.
The latest strategic funding came from Singtel Innov8, the corporate venture arm of Singapore Telecommunications; real estate private equity firm Gaw Capital Partners; and WI Harper Group, an early-stage venture capital firm based in the US and Taiwan.
Blackpanda, founded in 2015, provides cyber security incident response focusing on digital forensics and cyber crisis.
The company said it will use the fresh funds to accelerate its expansion across Asia and enhance its cyber security solution, IR-1, among others. It already has offices in Singapore, Hong Kong, Tokyo, Manila, and San Francisco.
In 2023, the firm locked up $15 million in its Series A round anchored by Primavera Venture Partners, the VC arm of China-based investment firm Primavera Capital Group, and Gaw Capital Partners.
Blackpanda said its IR-1 addresses the entire cyber-attack lifecycle. It integrates proactive attack surface management, incident response service, and automated access to Lloyd’s of London-backed cyber insurance.
The company’s founder and CEO, Gene Yu, said cyber-attacks are an existential threat to businesses, yet most lack access to affordable emergency response services.
“We envision a world where every business has access to essential cyber protection, and this funding brings us closer to realising that vision,” Yu added.
The funding, according to the announcement, coincides with the integration of Blackpanda Underwriting, Asia’s first “pure play” cyber risk underwriting coverholder backed by Chaucer of Lloyd’s of London, into the Blackpanda Group.
“This completes Blackpanda’s comprehensive cyber resilience offering, delivering a single solution for businesses to address critical challenges before, during, and after a cyber-attack,” the company said.
Blackpanda’s funding comes as the Cyber Security Agency of Singapore said more than 80% of the 2,036 organisations it surveyed in 2023 faced a cybersecurity incident that year.
Of these, 99% said that they suffered negative effects on their operations such as business disruptions, data loss, and reputational damage.
