Q1 2020

32 MEA MARKETS / Q1 2020 , SecuLetter Closes US$8M Series B Funding Round Funding round led by UTC Investment, RVC, KDB Bank, and KIP, brings total funding US$10.02M. SecuLetter to accelerate global expansion into the cyber securitymarket. SecuLetter Co., Ltd, a member company of the Born2global Centre, successfully closed US$8 million in Series B funding round - gaining US$2 million from UTC Investment in late February, just three months after attracting US$6 million in November 2019. This brings SecuLetter’s total funding to US$10.02 million. SecuLetter’s valuation is estimated to be US$38 million. The company’s Series B funding round led Riyadh Valley Company (RVC), a Saudi Arabian venture capital firm, KDB Bank (Korea Development Bank), Korea Investment Partners (KIP), and UTC Investment. SecuLetter Co., Ltd is an information security company that develops and provides products that detect, diagnose, analyse and block malicious code attacks that are difficult to diagnose by signature and behaviour- based security solutions using proprietary reverse engineering diagnostic technology. SecuLetter’s products has received certification as a procurement product, GS (Good Software) certification, CC(Common Criteria) certification, and designation as an “Excellent Information Protection Technology/Product” by the Korean Ministry of Science and ICT and KISA (Korea Internet & Security Agency). Dr. Muhammad Khurram Khan, a professor at King Saud University responsible for assessing RVC’s technology, commented on SecuLetter’s level of security technology: “Their product performs fundamental malware analysis at assembly level to detect and block malwares. It seems more proactive approach to detect malware before it infects the computing environment. It appears that SecuLetter’s malware detection engine is robust enough to detect malicious area, which is usually undetected by behaviour-based malware detection solutions.” With its recently-attracted investments, SecuLetter will be actively expanding its product line-up, developing more sophisticated products that incorporate AI-based malware detection and CDR(Content Disarm & Reconstruction), and strengthening its R&D capabilities. Lim Chasung, CEO at SecuLetter, said, “Recently reported that the spread of malicious attachment emails disguised as coronavirus infection (COVID-19) information in Korea. SecuLetter is providing products that protect customers from such advanced malware attacks.” He added “Based on the proven technology in the domestic market, SecuLetter plans to actively challenge the global security market, including the Middle East market including Saudi Arabia this year.” SecuLetter’s products “MARS SLE (E-mail security solution)” and “MARS SLF (Malicious code blocking system used in network separation)” are actively being used in major national institutions, financial institutions and companies such as, KEPCO E&C, Korea Post Information Center, KISA (Korea Internet & Security Agency), BNK Busan Bank, KAMCO (Korea Asset Management Corporation), KSD (Korea Securities Depository) and KTCU (Korean Teachers’ Credit Union).