Asia's Emerging Dark Web Intelligence Agency, StealthMole, Raises US$7 Million in Series A Funding Round

Tue, 02 Apr 2024 08:45:00 +0800

• Funds will be channelled towards StealthMole's expansion into new markets, and supporting its efforts to apply its technology to more commercial uses
• StealthMole leverages AI and machine learning to collect and connect data from hidden digital sources; this aids governments and law enforcement in early risk mitigation and criminal tracking, and also supports businesses in cyber incident response and prevention

SINGAPORE, April 2, 2024 /PRNewswire/ -- StealthMole, Asia's rising startup for dark web data intelligence, has bagged US$7 million in a Series A funding round led by Korea Investment Partners (KIP) and joined by Hibiscus Fund (a multinational joint venture between RHL Ventures, Penjana Kapital, and KB Investment) and Smilegate Investment. StealthMole will be using this fresh injection of funds to strengthen its global expansion efforts, as well as further developing its technology use cases for various sectors. 

Home to some of the world's largest digital economies, the accelerated digital transformation gripping Asia-Pacific (APAC) has increased its vulnerability to sophisticated cybercrime attacks. Additionally, the cost of defending against cyber threats is expected to double in the next three years, reaching upwards of US$23 trillion by 2027.

Founded in response to these growing cybersecurity needs, StealthMole is an AI-enabled digital investigation and threat monitoring platform focused on detecting and mitigating cybercrime within the Asian region. The company is helmed by Louis Hur, an enterprise IT security specialist who previously founded a South Korean cybersecurity firm; and Simon Choi, a leading threat investigator and former adjunct professor who has extensive experience with South Korea's national police and intelligence services. 

"StealthMole came about from a critical market gap I encountered while working in cybersecurity and white-hat hacking: a severe lack of data points and information networks specifically within Asia. At the same time, data leaks, anonymised transactions, and all manner of cybercrimes were spiking — both due to malicious intent and human error. To better understand digital threats, it's crucial for law enforcement, intelligence agencies, corporate security teams, and cybersecurity experts to analyse regional contexts and their impact on illicit activities," shares Louis Hur, Founder and Chief Executive Officer of StealthMole.

StealthMole's technology traces criminals using 255 billion analysed data points from the dark web, deep web, and various hidden sources while leveraging advanced AI. Simon Choi, Chief Technology Officer of StealthMole, who has observed hacking activities and data theft increasingly targeting companies, sees huge potential also in the B2B sector to improve cyber incident response and prevention with StealthMole's technology. Having established a strong foundation in the B2G market, the Series A funding round is expected to further diversify its capabilities to fulfil emerging cybersecurity demands from the enterprise sector.

Kim Min-Q, Managing Director at KIP, says: "As organisations across the world continue to digitise, cybercrimes will not only become more rampant but also more advanced. StealthMole has shown tremendous agility in this regard, aggressively growing its AI and machine learning capabilities for seamless investigation by building correlations across multiple data sources from the dark web itself to insulated platforms like Telegram. We feel strongly about the impact StealthMole will have in making the world a better place."

"This investment reflects our confidence in StealthMole's vision for continued success, particularly in uncovering emerging cyber threats across Southeast Asia and positioning themselves as global leaders originating from Asia," adds Steven Hong, Principal at KB Investment.

The agency's success is largely attributed to their team of white-hat hackers, cyberthreat analysts, digital forensics experts, and open-source intelligence (OSINT) specialists — who all have extensive individual careers in cybersecurity.

"The StealthMole team comprises highly recognised security specialists within the industry, and this expertise is something we appreciate as long-time catalysts of tech startup expansion. Smilegate Investment is excited to support their continued international growth, especially as they branch out into more commercial uses. For example, South Korea is one of the world's premier gaming hubs, and would appreciate safer gaming experiences and greater protection of creators' intellectual property," adds Park Jung-In, Senior Vice President of Smilegate Investment. 

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About StealthMole

Founded in 2022 and headquartered in Singapore, StealthMole is an AI-powered dark web intelligence company specialising in digital investigation, risk assessment, and threat monitoring. At its core, its powerful data tracking capabilities enable early interventions or swift responses towards malicious activities and prevent their further escalation. StealthMole has played an instrumental role in mainly aiding government agencies and law enforcement, and is currently further developing its technologies to also cater to corporate needs. For more on StealthMole, please visit www.stealthmole.com. 

About Louis Hur

Louis Hur is the Founder and Chief Executive Officer of StealthMole. He co-founded NSHC Inc., one of South Korea's leading cybersecurity companies, in 2004. He guided the company to become the top mobile security solution provider in East Asia and the premier Offensive Security Service Provider in the Asian region. With his extensive experience in enterprise cybersecurity and white-hat hacking, Hur has become a key opinion leader in the digital security field and is an active speaker at major industry conferences such as DEFCON, TyphoonCon, BlackHat, HITCON, and CodeBlue.

About Simon Choi

Simon Choi, Chief Technology Officer at StealthMole, is one of South Korea's most prominent threat investigators and OSINT profilers. Driven by his deep interest in cyber warfare, Choi's career began with cyber warfare research at a computer antivirus company as technical research personnel due to his military duty obligation. He was one of seven national representatives selected by the South Korean government to participate in the Cyber Guardians Programme, and has worked with the National Intelligence Service, National Police Agency, R.O.K. Cyber Command, and a host of private companies to curb cyber terrorism. Choi was also an adjunct professor at SoonChunHyang University's Department of Convergence Service Security and a presenter at key cybersecurity summits like BLACKHAT, HITCON, POC, ISEC and SECUINSIDE.