Blackpanda, a cyber emergency response firm operating in Asia, has successfully secured USD $6.7 million in strategic funding from investors Singtel Innov8, Gaw Capital Partners, and WI Harper Group.
This round of financing adds to a total of USD $21.7 million amassed in Blackpanda's Series A fundraising efforts. The financial backing is intended to facilitate the company's expansion throughout Asia and to enhance its "IR-1" cybersecurity solution, which aims to provide comprehensive protection and improve how businesses manage cyber emergencies and recovery.
Simultaneous with this funding announcement, Blackpanda has also integrated Blackpanda Underwriting into its operations. As Asia's first exclusive cyber risk underwriting entity backed by Chaucer of Lloyd's of London, this integration finalises Blackpanda's range of cyber resilience offerings, designed to aid businesses at every stage of a cyber attack.
Gene Yu, the Founder and CEO of Blackpanda Group, highlighted the pressing nature of cyber threats faced by businesses and the common lack of affordable emergency response options. "Cyber attacks are an existential threat to businesses, yet most lack access to affordable emergency response services," Yu stated. "Our IR-1 solution provides price-optimized, end-to-end cyber emergency response for a fixed-cost subscription. We envision a world where every business has access to essential cyber protection, and this funding brings us closer to realising that vision."
The IR-1 solution by Blackpanda addresses the full lifecycle of a cyber attack, encompassing preparation, response, and financial recovery. It offers services such as incident response preparation, enhanced by proactive Attack Surface Management (ASM), and a 24/7 incident response service. It also includes automated access to financial recovery via cyber insurance, aiming to streamline cybersecurity management, lower costs, and provide businesses with prompt enterprise-grade protection.
Singtel's CEO for Singapore, Ng Tian Chong, remarked on the importance of comprehensive cybersecurity solutions in the current landscape. "In today's highly sophisticated threat landscape, it's imperative for businesses to have the right cyber protections in place to protect their critical assets. We offer many services and solutions that help businesses to bolster their cyber resilience. Through our partnership with Blackpanda, we're able to provide further support to small and medium businesses that are typically more at risk of attacks," said Ng.
Wan Kum Tho, Managing Director of Investments for APAC at Singtel Innov8, indicated a significant opportunity for growth in Asia Pacific, citing the rising demand for cost-effective cyber incident responses and insurance. "With the growing demand for cost-efficient and effective cyber incident response and cyber insurance across Asia Pacific, we see a significant opportunity for Blackpanda's localized and segment-focused product suite to expand and grow in the region," Tho stated.
Herbin Koh, Head of Venture and Growth Equity at Gaw Capital, praised Blackpanda for its strong performance and market positioning in Singapore and Hong Kong. He commented, "Blackpanda has shown excellent growth and expertise by leveraging Singapore and Hong Kong as East Asia's leading cyber security and cyber insurance markets. In the first two quarters of 2024, Blackpanda in Hong Kong achieved YoY revenue growth of 140%. We believe their best-in-class incident response capabilities, technology solutions, and innovative business model have set them on an ambitious path to become Asia's own pre-eminent cyber resilience solution."
Blackpanda collaborates with major telecommunications providers, such as Singtel, Macroview, and Companhia de Telecomunicações de Macau (CTM), to deliver its cyber protection solutions across Asia. The recent funding and strategic partnerships are expected to support Blackpanda in extending accessible and comprehensive cyber protection to businesses throughout the region.
