Singapore's Protos Labs bags $2.2 million to fund expansion in Vietnam

Protos Labs co-founders

The seed round saw participation from several prominent investors, reflecting the growing importance of holistic risk prevention and transference solutions. The investors include VinaCapital Ventures, BEENEXT, Artem Ventures (in partnership with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners.

Protos Labs plans to use the funds to accelerate its global expansion and product development as it works to revolutionise the cyber insurance and risk management landscape. The company has found that Vietnam-based companies are more vulnerable to cyberattacks, so it is looking to penetrate the Vietnamese market and offer customised cybercrime insurance to businesses.

VinaCapital Ventures, one of the biggest investors in Protos Labs' latest fundraising round, will support the company's expansion in Vietnam.

Trung Hoang, partner at VinaCapital Ventures added, "Vietnam is an increasingly digital economy with a growing emphasis on cyber. Protos Labs' mission is to be the innovative hub of the region's cyber insurance sector. With the Vietnamese government promoting digital transformation, Protos Labs can play a part in not just improving cybersecurity infrastructure but also the lives of Vietnam's consumers."

The cyber risk landscape is fraught with constant volatility, making it challenging for enterprises and insurers to stay ahead of emerging threats. Protos Labs tackles this issue by fusing AI, statistical modelling, threat intelligence, and cyber risk management, allowing organisations to make informed and agile risk decisions. This approach enables them to adapt to the dynamic cyber threat environment, providing next-generation solutions to both cyber underwriters and enterprise risk managers.

Protos Labs' innovative solutions have already garnered the attention of leading organisations such as Lloyd's of London and the Cybersecurity Agency of Singapore.

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