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Plug and Play invests in Insurtech Startup Protos Labs’ Oversubscribed Seed Round of SGD $3 Million


Plug and Play invests in Insurtech Startup Protos Labs’ Oversubscribed Seed Round of SGD $3 Million

Protos Labs, a Singapore-based cyber risk management tech startup, recently announced a successful seed round funding of SGD $3 million. Plug and Play were among the investors in the oversubscribed seed round, including other investors such as BEENEXT, VinaCapital Ventures, Artem Ventures (in partnership with FWD Insurance), Investible, Gan Konsulindo, 1337 Ventures and Gobi Partners.


The startup intends to utilize the funds to further its global expansion and product development. Protos Labs’s solutions combine technologies in artificial intelligence, statistical modeling, threat intelligence, and cyber risk management, providing organizations with the tools to make informed and agile-risk decisions. The oversubscribed seed round with prominent investors participating shows the promise of Protos Labs in revolutionizing the cyber insurance and risk management landscape.

Jie Lun Ong, Senior Director, Ventures at Plug and Play APAC, said, “The overwhelming interest from multiple VCs highlighted the excitement revolving around the product Joel and team is building, as well as the need in the market. We had first-hand validation of this need, as many of our insurance corporate partners were keen to meet with Protos Labs, whom we were able to bridge with said partners.”

Faiz Rahman, Partner at BEENEXT, says, "We are enthusiastic about Protos Labs' vision and commitment to innovative cyber risk management. As a lead investor, we see the potential for substantial growth in the cyber insurance market and are eager to support this pioneering approach."

Low Zhen Hui, Managing Partner at Artem Ventures, said, "As Southeast Asia's digital economy continues to expand, and as cyber threats evolve, the need for a robust and comprehensive cyber risk management tool has become more pressing than ever. We have been working with Protos Labs since last year, as they have been part of FWD's Startup Studio accelerator program. Having observed their development and enhancement of their cyber risk management platform, we are confident that Protos Labs is well-positioned to address the gaps in the cyber risk space."

Trung Hoang, Partner at VinaCapital Ventures, added, "Vietnam is an increasingly digital economy with growing emphasis on cyber. Protos Labs' mission is to be the innovative hub of the region's cyber insurance sector. With the Vietnamese government promoting digital transformation, Protos Labs can play a part in not just improving cyber security infrastructure but also the lives of Vietnam's consumers."

About Protos Labs

Protos Labs is a cyber risk management company founded by ex-Booz Allen cyber leaders, Joel Lee and Simeon Tan.

Accoladed by the cybersecurity authority in Singapore, Protos Labs specializes in cyber risk analytics, helping insurers to underwrite and price cyber risks while providing early warning risk mitigation for the end-policyholder. By combining AI and Cybersecurity, Protos Labs pushes the frontier of cyber risk management and resolves to protect businesses in Asia and around the world from real-world cyber-attacks.

About Plug and Play

Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 30 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 30,000 startups and 400 official corporate partners, we have created the ultimate startup ecosystem in many industries. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Rappi, Dropbox, Lending Club and PayPal.

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Protos Labs is one of our portfolio startups in Plug and Play APAC. As an in-house venture capital, our goal is to fund the teams that are building the defensible businesses of the future. By leveraging our capital, our network of VCs, and our corporate partners, we give our portfolio companies an added advantage. Join our platform today!

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