S2W, a South Korea-based cybersecurity startup, has successfully raised over $10 Million in Series B financing to continue developing dark web and cryptocurrency self-analysis technology.
The latest funding round was led by LB Investment with participation from other six investors including YG Investment, Magellan Technology Investment, Mirae Asset Venture Investment, DS Asset Management, KDB Development Bank, and Lotte Ventures. The round follows a $3.5 million Series A closed by the startup in March 2020, bringing the total funding raised to over $13.5. Ki-ho Park, CEO of LB Investment, said about the firm’s participation:
“S2W is now showing the compressed growth process of Palantir’s in the U.S. and is expected to expand into various fields such as blockchain, e-commerce, games, and entertainment in the future. And we will continue to support S2W to be the global leader in the industry”
Founded by KAIST, a group of researchers specializing in network security in South Korea, S2W has developed a cyber-threat intelligence (CTI) platform that provides solutions to facilitate the response to external threats. Some of its features include dark web threat detection, APT attacks group analysis, ransomware, and phishing attempts.
S2W is the only startup to be an official partner of INTERPOL, which allows it to provide the organization with data and technological cooperation. The startup has attracted major customers in various fields such as finance, telecommunications, manufacturing, and e-commerce.
The proceeds from new fundraising will fuel the S2W’s high growth by investing in CTI solutions to bring a better experience to users and expanding the startup’s business. Sangduk Suh, CEO of S2W, referred to these expansion plans by stating:
“We will focus on rapid growth, and we will prove to the world that companies pursuing the value of justice are superior in competitiveness and sustainability.”
As cybersecurity continues to gain relevance for organizations and individuals who are becoming increasingly reliant on technology, S2W is going through a phase of growth by meeting the demand. For this reason, the Cybersecurity startup is allowing enterprises to detect vulnerabilities, leaks, and threats before an attack is executed, giving them an advantage over malicious actors.