SecuLetter Attracts a USD 6 Million Series B Funding
PANGYO, South Korea, Nov. 28, 2019 /PRNewswire/ -- SecuLetter, a member company of the Born2Global Centre, has attracted a USD 6 million series B investment, and received corporate valuation of USD 36 million. This time, Riyadh Valley Company (RVC) and the Korea Development Bank (KDB Bank), both new investors, participated with the existing investor, the Korea Investment Partners. Investment was completed on November 14.
RVC, a Saudi government-owned investment institution, found SecuLetter attractive for its email security technology and non-executable file attack diagnosis technology.
Dr. Khalid Al-Saleh, RVC's CEO said, "Since the cyber-attacks against Saudi Arabian national organizations have become notorious worldwide, we have been interested in finding leading overseas cyber security companies at the national level. After more than a year's careful evaluation, we decided to invest in SecuLetter because we believe the company is sound and possesses outstanding technical excellence and marketability."
SecuLetter plans to use this investment to expand and enhance its AI security products, strengthen its R&D, to grow quickly in the Middle East market where the Gartner forecasted its growth, and enter the global security market.
SecuLetter's security technology uses reverse engineering diagnostics to detect, analyze and block malicious code that seeks to enter in a non-executable file.
The source code of incoming files is analyzed and malicious code detected before the sleep mode regardless of whether the file executes or not. Since it analyzes and diagnoses at assembly level without waiting for execution, it effectively blocks malicious code in document files that existing execution-based solutions are not able to detect. It also significantly shortens the diagnostic time and reception delay over those execution-based solutions.
Lim Chasung, SecuLetter's CEO, said, "We are on the way to becoming a leading cyber security company in Korea through our advanced security technology and continuous creation of a variety of growth opportunities."
SecuLetter's security solutions have received 2018 Excellent Information Protection Technology and Product Selection from Ministry of Science and ICT and Korea Internet & Security Agency as well as GS certification and CC certification. BNK Busan Bank, KAMCO, KSD, and KTCU have adopted and are taking advantage of SecuLetter's security solutions, as are major national institutions with a competitive edge in cyber security, including KEPCO E&C, Korea Post Information Center, and KISA.
For more detailed information on SecuLetter, visit https://www.seculetter.com/content/en/.
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