SecuLetter closes $8 million Series B funding round

Born2Global Centre announced on the 17th that its member company SecuLetter had raised $2 million from UTC Investment in late February, bringing its Series B funding to $8 million (approximately KRW 9.6 billion). The latest investment came just three months after the company raised $6 million (approximately KRW 7.5 billion) in November. SecuLetter has now raised a total of KRW 12 billion.

The Series B round included RVC (Riyadh Valley Company), a Saudi Arabian government investment institution, as well as Korea Development Bank, Korea Investment Partners and UTC Investment—all prominent domestic and international investors.

SecuLetter is a cybersecurity company that develops and supplies products to detect, diagnose, analyze and block malware attacks that are difficult to identify with signature- and behavior-based security solutions, using reverse-engineering diagnostic technology.

By using assembly-level reverse-engineering technology to diagnose malware, the company can minimize false positives and over-detection. SecuLetter’s security solutions have received procurement certification, GS certification and CC certification, and have been designated as innovative, outstanding information security technologies and products by the Ministry of Science and ICT and the Korea Internet & Security Agency.

Dr. Muhammad Khurram Khan of King Saud University (KSU), who led the technical evaluation for Saudi investor RVC, also gave SecuLetter’s security technology high marks. “SecuLetter’s ‘specialized malware diagnostics for non-executable files using reverse engineering and email security technology’ was found to be highly original and effective,” he said. “Its products diagnose malware more than eight times faster and detect it more than twice as accurately as other APT (Advanced Persistent Threat) solutions, so we expect strong demand from customers in the Middle East as well.”

“We have detected malicious emails with attachments disguised as information about the novel coronavirus (COVID-19) circulating in Korea. As malware attacks grow more sophisticated both at home and abroad, SecuLetter’s security products are helping reduce the threat to customers,” said SecuLetter CEO Lim Cha-seong. “Building on technology proven in the domestic market, we plan to pursue opportunities aggressively this year in the global security market, including Saudi Arabia and the broader Middle East.”

With this investment, SecuLetter plans to focus on expanding its product lineup, enhancing its products by combining artificial intelligence (AI) and RPA (Robotic Process Automation), and strengthening its research and development (R&D) capabilities.