Cyber Protection Firm Paladin Raises $3.6 million and launches in Arizona
San Francisco, Sept. 24, 2018 -- Paladin Cyber, a protection and insurance firm founded by US Army Reserve Officer, Han Wang, announced today a Series Seed investment of $3.6 million led by early stage technology investor lightbank, bringing the total investment in Paladin to $4.5 million.
Lightbank is joined by heavyweight insurance technology investment fund Aquiline Technology Growth, Haystack, Argo Ventures and Clocktower Technology Ventures with prior investors Ground Up Ventures, Hemi Ventures, Sutardja Ventures and Y Combinator participating as well. The financing will be used to fund Paladin’s continued national insurance expansion and for further investment in its proprietary security platform. Vic Pascucci, Managing Partner at lightbank will join Paladin’s board of directors.
“Paladin has rapidly developed a robust cyber security protection platform, offering small and mid-sized businesses all-encompassing cyber security protection, an ever-growing need in a fast-growing space.” said Vic Pascucci. “What Han and the team have developed over the last year is extremely impressive, and we’re excited to be working together to fulfill the cyber security needs of businesses all around the country. Paladin is a great example of the type of innovative and smart businesses we like to invest in. We have been tracking this space for quite some time and see Paladin as the clear leader.”
Along with the funding, Paladin is also announcing the launch of its admitted insurance product in Arizona. Arizona will be the first state where Paladin’s admitted cyber insurance line will be available, followed closely by Oregon, Colorado and Nevada.
Powered by Boost Insurance, the new policy will have limits ranging from $50,000 to $1 million. The policy will provide first- and third-party coverage for a wide range of costs associated with hacking attacks, breaches and other cyber-related incidents.
“After returning from deployment leading a cyber security field team, I wanted to put together a comprehensive offering to address cyber threats for underserved businesses.” said Han Wang, CEO. “Our goal is to mitigate as much risk for companies as possible, and our new insurance product helps further that goal.”
The policy completes Paladin’s protection suite that includes cyber security software, phishing simulations, training and remediation, allowing them to cover all areas of cyber risk. The offering is tailored to the needs and resources of small and mid-sized businesses.
About Paladin Cyber Established in 2017, Paladin Cyber offers a suite of proprietary tools and resources to help small and mid-sized businesses and government entities throughout the U.S. assess and manage cyber exposures. From training simulations to identify phishing scams to innovative software solutions to protect against malicious code and hacking incidents, the firm works with clients to shore up potential vulnerabilities to cyber events, manage cyber-liability exposures, and remediate incident-related damage. For more information, visit www.paladincyber.com.