Protos Labs Company Profile

Background

Protos Labs, established in 2021 by former Booz Allen Hamilton cybersecurity leaders Joel Lee and Simeon Tan, is a Singapore-based cyber risk management company. The company's mission is to enhance Asia's resilience against cyber threats by providing comprehensive cyber risk management solutions tailored for both enterprises and consumers. Protos Labs has garnered recognition from esteemed organizations such as Lloyd's of London and the Cyber Security Agency of Singapore, underscoring its significance in the cybersecurity industry.

Key Strategic Focus

Protos Labs specializes in cyber risk analytics, assisting insurers in underwriting and pricing cyber risks while continuously minimizing the likelihood of cyber incidents. The company's core objectives include delivering real-time, data-driven risk insights through the integration of artificial intelligence, statistical modeling, and threat intelligence. By focusing on the cyber insurance sector, Protos Labs aims to empower insurers and enterprises to make informed and agile risk decisions, thereby adapting to the dynamic cyber threat environment.

Financials and Funding

In October 2023, Protos Labs successfully completed an oversubscribed seed funding round, raising SGD $3 million. The round attracted prominent investors, including BEENEXT, VinaCapital Ventures, Artem Ventures (in partnership with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners. The capital is intended to accelerate the company's global expansion and product development initiatives, positioning Protos Labs to revolutionize the cyber insurance and risk management landscape.

Technological Platform and Innovation

Protos Labs' flagship product, Nexus, is an integrated cyber risk analytics platform that unifies data from external feeds, internal security tools, and third-party questionnaires to provide a comprehensive view of cyber risk. Key features of Nexus include:

Risk Visibility Across All Attack Surfaces: Aggregates data to offer a holistic overview of potential vulnerabilities.

Elimination of Data Silos: Consolidates disparate data sources to mitigate risks associated with fragmented information.

Unified Action Center: Centralizes recommendations and risk remediation activities for streamlined case management.

Contextualized Vulnerability Prioritization: Ranks vulnerabilities based on severity, exploitability, asset criticality, and business context.

End-to-End Vulnerability Remediation Plans: Provides clear, step-by-step action plans for addressing vulnerabilities.

Quantified Risk Exposure: Utilizes simulations to predict an organization's cyber risk exposure in monetary terms, facilitating accurate cyber insurance coverage.

Leadership Team

Joel Lee, CEO & Co-founder: As a serial entrepreneur, Joel builds partnerships with insurers, investors, and regulators. He has pioneered multiple businesses, achieving significant growth in their initial years.

Simeon Tan, CTO & Co-founder: Simeon is a cybersecurity leader driving the growth of Protos Cover, the cyber insurance division of Protos Labs, and provides technical leadership in cyber risk solutions.

Competitor Profile

Market Insights and Dynamics: The cyber risk management and insurance market is experiencing rapid growth due to the increasing frequency and sophistication of cyber threats. Organizations are seeking advanced solutions to quantify and mitigate cyber risks, creating a competitive landscape for companies offering cyber risk analytics and insurance services.

Competitor Analysis:

Safe Security: Founded in 2012 and headquartered in Palo Alto, California, Safe Security operates in the security software industry and has a larger employee base compared to Protos Labs.

Cyberwrite: Established in 2016 in New York, Cyberwrite focuses on cyber risk quantification for the insurance sector, operating within the insurance brokers industry.

Strategic Collaborations and Partnerships

Protos Labs has established significant collaborations to strengthen its market position and innovation capacity:

Lloyd's Lab: In 2023, Protos Labs became the first Singaporean company to join Lloyd's Lab Cohort 11, a prestigious accelerator program by Lloyd's of London. This collaboration provides access to a global network of insurers and resources to co-develop innovative insurance products.

Cyber Security Agency of Singapore (CSA): Protos Labs was recognized with the CyberCall award by CSA in 2021 for its innovative Nexus product, highlighting the company's commitment to advancing cybersecurity within the insurance industry.

Strategic Opportunities and Future Directions

Protos Labs is poised to capitalize on the growing demand for cyber risk management solutions by leveraging its technological innovations and strategic partnerships. The company's focus on integrating AI and cybersecurity positions it to address the evolving needs of insurers and enterprises in mitigating cyber threats. With the recent seed funding, Protos Labs aims to accelerate its global expansion and enhance its product offerings, further solidifying its role as a leader in the cyber insurtech sector.