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How insurtech startup ProtosLabs secured investment from Gan Konsulindo


Gan Konsulindo, a pioneer in Indonesia’s consulting and investment industry, partners with Plug and Play’s GIA Jakarta Batch 6 startup, Protos Labs, to address and overcome Indonesia’s cybersecurity challenges.


About Gan Konsulindo

Gan Konsulindo is a pioneering consulting and investment firm that has taken the initiative to construct a superior community ecosystem through multiple business units, including but not limited to digital economy, SMEs, property, construction, legal, and consulting services, among others.


About Protos Labs

Protos Labs is an insurtech company based in Singapore. The first startup in Asia to provide full-service risk support for a cyber insurance product, Protos Labs empowers insurers to quantify cyber risks, using a first-of-its-kind, threat-based approach.


Their cyber risk analytics SaaS solution equips insurers to conduct underwriting in real-time and offer active protection of policyholders to prevent claims.


The Partnership

Through the GIA Jakarta Ecosystem Event in November 2022, Joel was able to engage in discussion with the Gan Konsulindo team. This resulted in the inception of the first official meeting between the two parties.


During their meeting, Protos Labs demonstrated their ability to furnish insurers with an internal risk pricing framework that enables non-technical stakeholders to better comprehend the costs and repercussions associated with a cyber attack on their organization. In addition to assisting insurers with internal risk pricing, Protos Labs is equipped with NEXUS to aid in the evaluation of potential cyber attacks and threats, offering the capability to calculate the potential financial losses an organization may incur if such an attack were to occur, and coverage of all types of cyber insurance risks with all type of users from insurers looking to corporate looking for the right sized cyber coverage.


As per Joel's account, the decision to meet the investor in person as opposed to conducting the conversation online, the conscious effort to speak slowly in order to mitigate language barriers while explaining the nature of Protos Labs, and the ability to engage with the technical personnel at Gan Konsulindo were all pivotal factors that contributed to the successful outcome of securing investment for the company.


Furthermore, Joel expressed his sincere appreciation towards Gan Konsulindo for the investment terms, as the entire process - from the day of Protos Labs' introduction, to discussions with the technical team of Gan Konsulindo, to the signing of the Memorandum of Understanding, and finally the successful wiring of investment funds - was completed in a relatively speedy fashion.


With the investment from Gan Konsulindo, Protos Labs has entered into a strategic partnership which enable them to leverage their business in Indonesia. Protos Labs also hopes the investment will help raise awareness about the importance of cyber insurance in Indonesia.


Key Takeaways

  • Importance of face-to-face interactions

As opposed to online discussions, this helped Joel to built camaraderie and strengthened relations with the Gan Konsulindo team.

  • Understanding the Indonesian investment landscape

The programme provided Joel with a wealth of knowledge about the Indonesian market, legal and IP laws, hiring culture, and investment landscape to conduct discussions with Gan Konsulindo.

  • Unlocking new connections through the GIA Jakarta programme

Coupled with market access, the GIA programme provided the right connections and relationships necessary to make a real impact in the Indonesian market.


How We Can Help

Plug and Play is the ultimate innovation platform, bringing together the best startups and the world’s largest corporations. Collaborating with startups is a great source of inspiration and innovation, but it can also be a challenge at times. Let us show you how to adopt the concept of open innovation to help your business succeed.


 

Protos Labs is part of our GIA Jakarta Acceleration Program Batch 6 which seeks to help Singaporean startups expand their market reach to the largest emerging market economies in Southeast Asia.


The GIA is an initiative of Enterprise Singapore (ESG), in partnership with IMDA. Comprising a network of Singapore and overseas partners in major innovation hubs and key demand markets, GIA programmes focus on technology and innovation. Plug and Play is Singapore’s GIA Partner in Jakarta and Manila.

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