Singapore cybersecurity start-up Right-Hand secures seed funding
A Singapore-based cybersecurity start-up has secured seed capital from a number of investors, one of which is back by the Singapore Government.
Right-Hand has secured $1 million in seed funding led by Atlas Ventures, a Singapore venture capital firm, with participation from SGInnovate, an investment firm backed by the Singapore Government, and Entrepreneur First, a company that provides expertise to individuals to develop technology companies.
Right-Hand offers a Software-as-a-Service (SaaS) platform for companies to monitor, measure and mitigate human-induced cybersecurity risks. The money will be used to accelerate Right-Hand’s product development.
Right-Hand’s SaaS platform analyses employee behaviour in real-time, produces user behaviour analytics, and delivers customized training modules to educate employees on their risky behaviours.
Theo Nasser, CEO, Right-Hand said: “A company’s employee workforce is typically their biggest asset, but when it comes to cybersecurity, the workforce can also be their biggest liability. There is a massive gap between what most employees know about cybersecurity, and their day to day behaviours online that inflict immense cyber risk for themselves and their employer. Right-Hand aims to bridge that gap.”
The CEO said he sees the market opportunity growing in parallel with the evolving and broadened cyber threat landscape. “Organizations are introducing new technologies, communication channels, and remote-work flexibility into their business, and therefore, are also introducing new opportunities for cyber criminals to exploit. Right-Hand helps organizations mitigate these risks that are associated with employee online behaviour,” said Nasser.
Atlas Ventures’ investment director Maxim Shkvaruk described its interest in Right-Hand. “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. Right-Hand is a pioneer in providing solutions to mitigate human-caused cyber-risk. Our investment in Right-Hand is also a complementary addition to our portfolio of other cybersecurity-related investments,” Shkvaruk said.
Hsien-Hui Tong, Head, Venture Investing, SGInnovate said: “In today’s digital world, cybersecurity underpins all industries, cutting across both public and private sectors. As organisations start to adopt frontier technologies such as AI, they need to be cognizant of and prepared to deal with new cyber threats – starting with its people. We are pleased to support Right-Hand as it ramps up the development of its unique solutions and to promote the importance of people-centric cybersecurity across the region.”
