US cybersecurity startup Theori cofounded by a Korean draws funding from Korean capital

Korean IT firms and capital have made investments in Theori, a cybersecurity R&D startup based in Austin, Texas, U.S. , according to the investment banking industry on Thursday.

Theori received funds worth 20 billion won ($15.45 million) from Korean firms, including Hana Bank, Silicon Valley-based investment firm K2G and cryptocurrency exchange operator Dunamu.

The cybersecurity startup focused on cybersecurity consulting and R&D was founded in 2016 by a team of hackers - chief executive officer Park Se-joon and chief technology officer Andrew Wesie who were alumni of Carnegie Mellon University.

It has carried out over 100 projects with 50 major firms, including Google, Microsoft, Samsung Electronics, LG Electronics, Naver, and Kakao. Korean online banking firms, such as Kakao Bank, Toss, Dunamu, and Coinone, use its security solutions, while game firms, such as Nexon, NCSoft, and Krafton, employed its anti-hacking programs.

The company has conducted research projects jointly with governments, including the Defense Advanced Research Projects Agency (DARPA) under the U.S. Department of Defense and South Korea’s Defense Ministry.

The firm’s primary strength is its world-class team of researchers and technicians, who have conquered DEF CON, the world’s largest hacker convention, five times and many other international competitions. It is headquartered in Austin, Texas, with an office in Seoul.

Theori plans to use the fund of 20 billion won to expand its business and nurture talents for advanced security consulting. It will develop an automated security service based on software as a service (SaaS) to provide its solutions at cheaper prices. “We put our full energy to provide essential services to meet the rising demand for cybersecurity,” said CEO Park.

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