Singapore-based cybersecurity firm Blackpanda has raised $15 million in its Series A funding round co led by Primavera Venture Partners and Gaw Capital Partners.

Blackpanda said in a statement on Wednesday the round will fund the expansion of its technology enabled cybersecurity services, including digital forensics and incident response.

The company will further develop its underlying artificial intelligence (AI) and machine learning (ML) cybersecurity insurtech platform.

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

It is also noted that another investor includes San Francisco based WI Harper.

“Cyber-crime caused a staggering US$1 trillion plus in losses in 2020 and is rapidly climbing in Asia. Nearly half of all Singapore businesses suffered a cyber-attack in 2021. The first step to cybersecurity is to make sure a response-based plan is in place prior to a sudden hack,

“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 1 out of 5,” said Blackpanda Founder and Chief Executive Officer Gene Yu.

Blackpanda is Asia’s premier cybersecurity firm hyper-focused on delivering world class digital forensics and incident response to the region.

The company is comprised of elite special risk and security experts from best-in-class military special forces, intelligence, forensics, and law enforcement backgrounds from all over the world.​ 

Headquartered in Singapore and with presence across Southeast and East Asia, the company is the first of its kind in the region. 

By developing and leveraging innovative cybersecurity services, digital forensics data, and loss adjusting capabilities for its insurtech platform, the company’s mission is to protect, defend, and insure across Asia, providing a holistic and practical cyber resiliency solution for its clients of any size.

It believes every company should have access to cybersecurity services and risk transfer opportunities, and is committed to democratizing cybersecurity resiliency, making it accessible across Asia.

Yu founded the company with Matt Pecot and Kevin McCaffrey, all three having served in the US Army Special Forces.

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

“Cybersecurity and cyber insurance are environmental, social and governance (“ESG”) issues. Cyberattacks present a huge risk to the value of companies and ultimately the stability of society,

“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 environmental, social, and governance (ESG) strategy,” said Philip Hu, Founding Member and Managing Director of Primavera.

Primavera and Gaw manage over $55 billion in asset under management combined. Among their institutional investor base include over half of the top twenty largest listed insurance companies globally.

It also noted that Primavera’s founder previously sat on the Lloyd’s of London board, the Council of Lloyd’s. 

Singapore cybersecurity start-up CloudSEK raises $7M in Series A funding led by MassMutual Ventures to accelerate global expansion