StealthMolean AI-powered dark web intelligence startup that specializes in cyber threat monitoring and cyber crime detection announced Thursday that it has raised a $7 million Series A funding round.
The Singapore-based startup with an R&D office in South Korea will use the new capital to establish additional R&D centers and support more commercial uses of its technology in the B2B sector and geographic expansion.
“Having an R&D office in South Korea allows us to gain critical insights into how East Asian hackers operate,” Simon Choi, chief technology officer (CTO) at StealthMole, told TechCrunch. “Similarly, having researchers from diverse backgrounds in Singapore for Southeast Asia or other unique locations will help us analyze data related to neighboring countries.”
StealthMole was co-founded in 2022 by Louis Hur (CEO), an IT security expert and serial cybersecurity entrepreneur, and Choi (CTO), an open source intelligence (OSINT) threat and profiler researcher who previously worked as a consultant for the South Korean National Intelligence Service, the National Police Service and the Ministry of National Defense in South Korea.
The startup serves more than 50 customers in 17 countries in Asia, Europe and the Middle East. Its current client base primarily includes government and law enforcement agencies for national security and enterprise cybersecurity teams that manage cybersecurity incidents, analyze threats, and provide cybersecurity guidance and support.
“StealthMole grew out of a critical gap in the market that I encountered while working in cyber security and white hat hacking: a severe lack of data points and intelligence networks, especially within Asia,” Hur said in the company’s statement. “At the same time, data breaches, anonymous transactions and all manner of cybercrime are on the rise – both due to malicious intent and human error. To better understand digital threats, it is vital for law enforcement, intelligence agencies, corporate security teams and cyber experts to analyze regional contexts and their impact on illegal activities.”
The team says it detects criminals using 255 billion analyzed data points from the dark web, deep web and various hidden sources such as leaked databases, cybercriminal blogs and Telegram.
One thing that differentiates it from its competitors in the cybersecurity industry is its unique expertise in Asia-related threats, Kevin Yoo, chief operating officer (COO) at StealthMole, told TechCrunch. According to a report by Check Point Research, Asia saw biggest year-over-year increase in weekly cyberattacks in Q1 2023 due to rapid digital transformation; The rise of Asia’s hybrid workforce and manufacturing industries such as semiconductors that hold intellectual property could be a target for cyber espionage.
“The high demand for Asia-centric threat intelligence underscores the uniqueness and value of our dataset for customers around the world, within and outside of Asia,” Yoo said.
Korea Investment Partners led the Series A round with participation from Hibiscus Fund (a joint venture between RHL Ventures, Penjana Kapital and KB Investment) and Smilegate Investment.
