Korea cybersecurity player raises $8m Series B

Riyadh Valley was joined by local investors Korea Development Bank, Korea Investment Partners, and UTC Investment. It brings total funding to date to $10.2 million and values the start-up at around $38 million.

SecuLetter positions itself as an information security company that develops and provides products that detect, diagnose, analyze and block malicious code attacks that are difficult to diagnose by signature and behavior-based security systems. Customers include KEPCO E&C, Korea Post, Korea Internet & Security Agency, BNK Busan Bank, Korea Asset Management Corporation, and Korean Teachers' Credit Union.

The company will use the fresh capital in part to expand operations into the Middle East and develop new products that incorporate artificial intelligence into malware detection. Current products focus on email security and malicious code blocking.

“Recently reported that the spread of malicious attachment emails disguised as coronavirus infection (COVID-19) information in Korea,” Lim Chasung, CEO at SecuLetter, said in a statement. “SecuLetter is providing products that protect customers from such advanced malware attacks."

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• Topics
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• South Korea
• Korea Development Bank
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