StealthMole, a rising dark web data intelligence startup, has announced that it secured $7 million in a Series A funding round.
We’re incredibly excited to announce that StealthMole has just closed a US$7 million Series A funding round!
A huge thank you to all our investors, partners, customers, and our incredible team for their unwavering support that has allowed us to reach this significant milestone.…
— Fusion Intelligence Center @ StealthMole (@stealthmole_int) March 28, 2024
The Singapore-based outlet said in a blog post that funds will be channeled towards StealthMole’s expansion into new markets, and supporting its efforts to apply its technology to more commercial uses.
The funding round was led by Korea Investment Partners (KIP), a multinational joint venture between RHL Ventures, Penjana Kapital, and KB Investment called Hibiscus Fund, as well as Smilegate Investment.
The company says it traces criminals using 255 billion analyzed data points from the dark web, deep web, and various hidden sources while leveraging advanced AI. Through AI and machine learning, it reportedly collects and connects data from hidden digital sources. This, in turn, aids governments and law enforcement in early risk mitigation and criminal tracking and supports businesses in cyber incident response and prevention.
StealthMole founder Louis Hur stated: “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.”
He added that data leaks, anonymized transactions, and cybercrimes were on the rise, demanding a better understanding of digital threats.
In response to the funding, managing director Kim Min-Q said: “As organizations across the world continue to digitize, cybercrimes will not only become more rampant but also more advanced. StealthMole has shown tremendous agility in this regard.”
Who are StealthMole?
Founded in 2022, the company is co-led by Simon Choi, an experienced threat investigator and former adjunct professor with extensive experience in working with South Korea’s national police and intelligence agencies, and Hur, a specialist in enterprise IT security who also founded a cybersecurity firm in South Korea.
Startups in the cybersecurity sector are facing a daunting market environment, contending with decreased valuations and increasing pressure to sell while competing for vital funding and collaborations.
Featured image: DALL-E
