SG-based Protos Labs nets $2.2m to take cybercrime insurance to Vietnam

Protos Labs co-founders Joel Lee (left) and Simeon Tan / Photo credit: VinaCapital Ventures

Cybercrime in Southeast Asia grew 81% year on year in 2022 as reliance on IT and digital devices continued to climb, according to a recent report. It also found that Vietnam-based companies were highly susceptible to such attacks.

With S$3 million (US$2.2 million) in newly raised seed money, Singapore-based Protos Labs is looking to enter Vietnam and provide companies with cyberinsurance policies tailored to their needs.

Helping it expand in the country is VinaCapital Ventures, which joined Protos Labs’ latest funding round and was one of the largest investors.

Funding details

• Funding amount: US$2,200,000
• Stage: Seed
• Source

Since it was founded in 2021, Protos Labs has been offering cybersecurity solutions with a data-driven and threat-based approach.

Its software Nexus analyses real-world cyber threats daily and evaluates them against an organization’s internal resiliency. This allows clients to assess potential damages and make better decisions concerning cybersecurity.

Proto Labs previously said that by customizing its policies, it can create region-specific products that go beyond what over-the-counter solutions offer.

Nexus also allows enterprises to continuously assess their level of protection and estimate the return on their security investment.

See also: SEA fintech sector hits funding slump in H1 23, but insurtech holds up

Currency converted from Singapore dollars to US dollars: US$1 = SG$1.37.

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