Singapore-based cybersecurity startup Right-Hand has secured USD 1 million in a seed funding round led by local early-stage VC fund Atlas Ventures.
SGInnovate, an investment firm backed by the Singapore government, and Entrepreneur First also participated in the round.
Right-Hand provides software as a service solutions (SaaS) that help companies monitor, measure, and mitigate human-induced cybersecurity risk. Its services are offered complimentary to traditional perimeter defense technologies, like email security platforms and firewalls.
“There is a massive gap between what most employees know about cybersecurity and their day-to-day behaviors online that inflict immense cyber risk for themselves and their employer,” Right-Hand’s CEO, Theo Nasser, said. “Right-Hand aims to bridge that gap.”
The company will use the fresh capital to support its product roadmap by expanding its engineering, research, and data science teams, Nasser told Tech in Asia.
“Although humans present one of the biggest loopholes in cybersecurity, much of the focus from both investors and corporates alike have been on various technical solutions like threat detection systems, firewalls, and such. The human aspect is often overlooked,” Atlas Ventures’ investment director, Maxim Shkvaruk, said.
Right-Hand’s solutions are being used within the government and financial sectors across Southeast Asia and Australia, according to a statement.
Currently, its platform analyzes employee behavior in real time, and then produces analytics and training modules to educate employees on their potentially risky behaviors. The company’s products also help users become less susceptible to phishing attempts and comply with internal policies.
Market research firm IDC expects global spending on security products and services to reach USD 151.2 billion in 2023, with Asia Pacific contributing USD 34 billion.
Nasser said that Right-Hand expects its market opportunity to further grow as organizations continue to introduce new technologies and communication channels into their business, concurrently giving cybercriminals more opportunities to exploit.
This article first appeared in Tech in Asia.