by Julie (Jeemin) Seo＆James (Yousik) Han

Cybercrime is becoming more sophisticated and tactics are evolving rapidly fueled by AI, in turn making it easier for even low-skilled adversaries to launch attacks. Globally, the cost of cybercrime is expected to grow from c.US$9trn in 2024 to c.US$14trn by 2028 representing a 11% CAGR (per Statista).
 
The traditional approach to cyber security is simply not working against such evolving threats. Hence, the cyber security landscape is structurally shifting in tandem.
 
‘Zero Trust’ has long been considered an optimal security architecture which requires all users and applications to be verified and authorized before accessing any network resource. However, no panacea in the Zero Trust architecture has emerged as of now.
 
Cyber security threats are not limited to external attacks, but also include internal breaches. Furthermore, as organizations shift data from traditional data centers to the cloud, data management providers must adapt to hybrid infrastructure strategies. Thus, data governance strategies, which ensure the right data is used by the right people in an organization, are becoming increasingly core to business processes across all regulated industries and mid-market/enterprise segments. As of 2022, the global data governance software market is at US$ 5.2bn, and is expected to grow at a 9% CAGR until 2025.
 
CHEQUER Inc., a US based Y Combinator alumni (YC W20), operates ‘QueryPie’, a centralized Cloud Data Protection Platform (CDPP) that enables data access and privacy control for enterprises in a single platform. It supports integrated management of data access control, auditing, and monitoring tasks in cloud environments, allowing for easier and safer data security management. While it is mainly offered as a SaaS solution, on-premise as well as hybrid solutions are also available. The company’s main solutions include:
 

• · Database Access Controller (DAC): Allows users to access databases and execute queries through a web browser regardless of the operating system, and provides integrated management of 20+ different data sources

• · System Access Controller (SAC): Users can centrally manage permissions for all resources, servers, systems and network devices; perform tasks and execute commands regardless of the operating system via a web browser

• · AI Powered Data Discovery (AIDD): An AI-based automated data discovery solution, in which users could easily identify and manage security-sensitive data and gain visibility and predictability on data path

 
Since its first DAC product launch in Korea in 2020, QueryPie is being used by more than 70% of Korean unicorn startups, with 0% churn rate. The company has recently expanded its client base to domestic enterprises, financial institutions, and even public (government) sectors. The company’s next target market is Japan, which is the 5th largest cloud market in the world. With Japan’s urgent imperative on digital transformation, Japanese companies’ migration to a cloud-based architecture is inevitable, and the demand for data security solutions is expected to increase in parallel.

We are delighted to announce our investment in CHEQUER and look forward to supporting the company’s journey to become one of the leading players in the data security sector. We believe CHEQUER is in a differentiated position in several ways:
 

• · Boasts broadest compliance level spectrum: Having launched its first data access and security solution in Korea, where data security regulations are generally more stringent than global standards, CHEQUER’s data security solutions is primed for global data security regulation standards as well, which places the company in an advantageous position among its peers

• · Unrivaled sales strategy & industry network: CHEQUER has established Zero Trust architecture with industry-leading security players including Palo Alto Networks and Okta, named it as an ‘OPQ’ alliance. We believe this Zero Trust architecture will not only help cross-selling of QueryPie’s solutions, but also lock-in customers in the long-term

• · Strong founder & management team: Led by CEO & Founder Brant Hwang, an experienced ex-Kakao software engineer, the management team is mainly composed of Brant’s ex-Kakao colleagues who have shared a common vision for a long time. Since late 2023, the company has been laying the foundation for its market entry in Japan and onboarded a local GM, and entered POCs with several Japanese conglomerates