Summary
Quad Miners, a cybersecurity technology company founded in 2017, provides the network detection and response (NDR) solution "Network Blackbox" and its extended XDR product "QUADX," both built on full network packet analysis technology. The company serves customers across the financial sector, large enterprises, and public institutions in Korea, and has expanded overseas through the establishment of a Japan subsidiary and the acquisition of a government customer in Indonesia. Quad Miners is also conducting joint research on AI-based cyber threat detection technology with KISTI, KAIST, and Gachon University.
<Park Beom-jung, CEO of Quad Miners>
Quad Miners (Co-CEOs Beomjoong Park and Jaewan Hong) is a cybersecurity technology company founded in November 2017. The company's core technology is full network packet analysis, which inspects all network traffic without sampling.
Flagship Product: Network Blackbox
Quad Miners' flagship product is Network Blackbox, a network detection and response (NDR) solution. It collects and analyzes packets traveling across an organization's internal network, enabling analysis of both external threats and abnormal behavior by internal users. The product incorporates a patented packet stream storage technology and supports the MITRE ATT&CK framework. During development, the company adopted a mirroring-based architecture rather than an agent-based (endpoint-installed) approach.
Expansion into XDR with QUADX
Building on Network Blackbox, Quad Miners developed QUADX, an XDR product that integrates NDR, SIEM, and SOAR functions. QUADX 2.0 was released in March 2024, with the SIEM engine transitioning from IBM QRadar to Elastic technology. The company stated that it is developing a next-generation version, QUADX 3.0, which will incorporate an Elastic-based AI assistant.
The company's underlying technology has evolved from network forensics to network traffic analysis (NTA) and then to NDR, later expanding into cloud detection and response (CDR).
Domestic Business
Quad Miners began generating revenue the year after Network Blackbox launched and surpassed KRW 10 billion (approximately USD 8 million) in revenue within six years of founding. The company recorded KRW 10.8 billion in revenue in 2023 and has maintained annual growth of over 30%. Cumulative revenue through the third quarter of 2024 grew 38% year-over-year.
The company serves more than 70 customers, including commercial banks and other financial institutions, large enterprises, and government, public sector, and military organizations. Large enterprises and financial institutions account for 80% of the customer base, with public sector organizations making up the remaining 20%.
Global Expansion
Quad Miners established a Japan subsidiary in 2022, with offices in Tokyo and Nagoya. The company began generating revenue in Japan starting in 2024. As part of its overseas expansion, Quad Miners has also secured a government customer in Indonesia. The company has been included in Gartner reports for multiple consecutive years.
Investment and Research & Development
Quad Miners was selected for the TIPS program in its early stages and has since raised a cumulative KRW 28 billion in investment from domestic and international investors, some of whom also serve as regional distribution partners.
Quad Miners is also conducting joint research and development with KISTI (Korea Institute of Science and Technology Information), KAIST, and Gachon University on explainable AI (XAI)-based technology for cyber threat detection, response, and prediction.