Cybersecurity firm Blackpanda closes US$15 mil Series A funding round

• Aims to further develop its cybersecurity insurtech platform 
• Funds will go towards expanding services, deepen presence in Asia  

Singapore-based cybersecurity firm Blackpanda has raised US$15 million (RM64.6 mil) in its Series A funding round co-led by Primavera Venture Partners and Gaw Capital Partners. San Francisco based WI Harper, also participated in this round.

In a statement, the startup said this round will fund the expansion of its technology enabled cybersecurity services, including digital forensics and incident response. 

It said the company will also further develop its underlying artificial intelligence & machine learning cybersecurity insurtech platform. 

With offices in Singapore, Hong Kong, Tokyo, Manila, and San Francisco, Blackpanda said it plans to deepen its presence across Asia. 

Gene Yu (pic), group chief executive officer of Blackpanda said cyber-crime caused a staggering US$1 trillion (RM4.3 trillion) plus in losses in 2020 and is rapidly climbing in Asia. 

“Nearly half of all Singapore businesses suffered a cyber-attack in 2021, therefore the first step to cybersecurity is to make sure a response-based plan is in place prior to a sudden hack,” he added.

“A business owner wouldn’t open a physical office without any access to firefighters - yet chances of a fire are only 1 out of 2000 for businesses, while a cyber-attack is an incredible one out of five,” Yu said.  

Philip Hu, founding member and managing director of Primavera said, cybersecurity and cyber insurance are environmental, social and governance issues. 

“Cyberattacks present a huge risk to the value of companies and ultimately the stability of society,” he added.

“Blackpanda is leading the charge in Asia to help companies, in particular the largely underserved SME market, manage cybersecurity and cyber insurance as part of their ESG strategy,” Hu said.

Blackpanda was founded in 2015 by Gene Yu, Matt Pecot and Kevin McCaffrey, all three having served in the US Army Special Forces. 

Yu is a computer science honors graduate from West Point and has worked at Palantir and Credit Suisse in Asia whilst Matt Pecot was previously head of Markets for Asia Pacific at Barclays.