Heaptalk, Jakarta — StealthMole, Singapore’s dark web data intelligence startup, has raised US$7 million in a Series A funding round led by Korea Investment Partners (KIP). Hibiscus Fund and Smilegate Investment also back this new round.
StealthMole will allocate this fresh injection to strengthen its global expansion efforts and drive the application of its technology in more commercial uses. StealthMole leverages AI and machine learning to collect and connect data from hidden digital sources.
The Managing Director at KIP, Kim Min-Q, stated, “StealthMole has shown tremendous agility in this regard, aggressively growing its AI and machine learning capabilities for seamless investigation by building correlations across multiple data sources, from the dark web itself to insulated platforms like Telegram. We feel strongly about StealthMole’s impact in improving the world.”
This startup perceived the accelerated digital transformation gripping Asia-Pacific (APAC) has increased its vulnerability to sophisticated cybercrime attacks. Additionally, the cost of defending against cyber threats is expected to double in the next three years, reaching upwards of US$23 trillion by 2027.
In response to these growing cybersecurity needs, StealthMole is an AI-enabled digital investigation and threat monitoring platform focused on detecting and mitigating cybercrime in Asia. The company is helmed by Louis Hur, an enterprise IT security specialist who previously founded a South Korean cybersecurity firm, and Simon Choi, a leading threat investigator and former adjunct professor who has extensive experience with South Korea’s national police and intelligence services.
According to the Founder and Chief Executive Officer of StealthMole, Louis Hur, the startup came from a critical market gap he encountered while working in cybersecurity and white-hat hacking: a severe lack of data points and information networks, specifically within Asia. At the same time, he perceived that data leaks, anonymized transactions, and all cybercrimes spiked due to malicious intent and human error.
“To better understand digital threats, law enforcement, intelligence agencies, corporate security teams, and cybersecurity experts must analyze regional contexts and their impact on illicit activities,” Added Louis.
Since its inception, the startup team has traced criminals using 255 billion analyzed data points from the dark web, deep web, and various hidden sources while leveraging advanced AI. The startup observed hacking activities and data theft increasingly targeting companies and sees enormous potential in the B2B sector to improve cyber incident response and prevention with its technology. Having established a strong foundation in the B2G market, the funding round is expected to diversify further its capabilities to fulfill emerging cybersecurity demands from the enterprise sector.
“This investment reflects our confidence in StealthMole’s vision for continued success, particularly in uncovering emerging cyber threats across Southeast Asia and positioning themselves as global leaders originating from Asia,” adds Steven Hong, Principal at KB Investment.
The agency’s success is primarily attributed to the inseam of white-hat hackers, cyber threat analysts, digital forensics experts, and open-source intelligence (OSINT) specialists who have extensive individual careers in cybersecurity.
“The StealthMole team comprises highly recognized security specialists within the industry, and this expertise is something we appreciate as long-time catalysts of tech startup expansion. Smilegate Investment is excited to support its continued international growth, especially as it branches out into more commercial uses. For example, South Korea is one of the world’s premier gaming hubs, and would appreciate safer gaming experiences and greater protection of creators’ intellectual property,” affirmed Senior Vice President of Smilegate Investment, Park Jung-In, as cited in the PRNews.
