Blackpanda, a leading cyber emergency response company in Asia, has announced it has raised US$6.7 million in strategic funding. The investment was co-led by Singtel Innov8, Gaw Capital Partners, and WI Harper Group. The funding will help the company expand its services across Asia and improve its IR-1 cyber security solution, which focuses on comprehensive emergency response and recovery. This brings the total raised in Blackpanda's Series A funding round to US$21.7 million.
Funding to expand Asia operations
The new investment will allow Blackpanda to strengthen its position in the region, providing businesses with end-to-end cyber protection. It will also support the further development of their IR-1 cyber security solution, which is designed to handle the full lifecycle of a cyber attack. This includes preparation, real-time response, and recovery.
Gene Yu, Founder and CEO of Blackpanda Group, said, “Cyber attacks are an existential threat to businesses, yet most lack access to affordable emergency response services. Our IR-1 solution provides price-optimised, end-to-end cyber emergency response for a fixed-cost subscription. We envision a world where every business has access to essential cyber protection, and this funding brings us closer to realising that vision.”
Blackpanda's IR-1 system is designed to be a one-stop solution for businesses. It helps companies prepare for potential attacks through proactive measures like Attack Surface Management (ASM), offers 24/7 incident response services, and ensures access to cyber insurance for financial recovery after an attack. This unified approach aims to simplify cyber security management and lower the cost for businesses.
Integration of cyber risk underwriting
In addition to the funding, Blackpanda is also expanding its services by integrating Blackpanda Underwriting, Asia's first “pure play” cyber risk underwriting platform. Backed by Chaucer of Lloyd's of London, this addition allows Blackpanda to offer businesses a more complete range of cyber resilience services, from risk prevention to financial recovery after an attack. This move positions the company as a comprehensive cyber security provider for businesses in the region.
With this latest integration, Blackpanda offers businesses a full suite of services to deal with cyber threats before, during, and after an attack.
Strategic partnerships and future growth
Blackpanda's solution is also being incorporated into Singtel's Cyber Elevate Programme, an initiative aimed at boosting the cyber security resilience of small and medium enterprises (SMEs). This partnership will enable SMEs, often more vulnerable to cyber attacks, to access affordable and reliable cyber protection services.
Ng Tian Chong, CEO of Singtel Singapore, commented, “In today's highly sophisticated threat landscape, it's imperative for businesses to have the right cyber protections in place to protect their critical assets. We offer many services and solutions that help businesses to bolster their cyber resilience. Through our partnership with Blackpanda, we're able to provide further support to small and medium businesses that are typically more at risk of attacks.”
Singtel Innov8's Managing Director for APAC Investments, Wan Kum Tho, highlighted the opportunity for Blackpanda's growth in the region, stating, “With the growing demand for cost-efficient and effective cyber incident response and cyber insurance across Asia Pacific, we see a significant opportunity for Blackpanda's localised and segment-focused product suite to expand and grow in the region.”
Herbin Koh, Head of Venture and Growth Equity at Gaw Capital, praised Blackpanda's growth, noting its revenue surge of 140% year-on-year in Hong Kong during the first half of 2024. He remarked, “We believe their best-in-class incident response capabilities, technology solutions, and innovative business model have set them on an ambitious path to become Asia's own pre-eminent cyber resilience solution.”
Blackpanda has established partnerships with major telecommunications providers in the region, including Singtel, Macroview (a HGC group company), and Companhia de Telecomunicações de Macau (CTM). These collaborations, along with the new funding, will further support the company's mission to provide accessible and comprehensive cyber security to businesses across Asia.
