Singapore-based cybersecurity firm CYFIRMA has raised Series A round of funding from early-growth private equity fund Z3Partners. Z3Partners, with this investment, joins Goldman Sachs and Zodius Capital as a shareholder of the predictive cyber-threat visibility and intelligence analytics platform.
With fresh capital inbound, CYFIRMA’s position as an emerging cybersecurity player is further strengthened. The new investment round – which totals the company’s funding to $8 million – comes just four months after the company announced its separation from Antuit Group.
“CYFIRMA has been offering superior solutions and disrupting the cybersecurity landscape since its inception,” said Ritesh Kumar, Founder and CEO of CYFIRMA. “Having the financial support of Z3Partners will increase our product engineering efforts, empower our team, and enable our innovative threat intelligence platform to new markets,” he added.
According to the company, its threat intelligence platform is already in use by Fortune Top 500 companies. With the new funding, CYFIRMA will further capitalise on its position as an enabler in the cyber visibility and threat intelligence category in Japan to expand into markets across Asia, including India.
“We are excited to collaborate with Kumar Ritesh and his team to build CYFIRMA into a dominant cyber threat analytics global player,” said Gautam Patel, managing partner of Z3Partners. “The platform is a powerful solution to enable threat intelligence conversations into boardrooms across all industries and we look forward to collaborating with them,” he added.
This new spending will be driven by increased awareness as organisations’ needs evolve to address more complex threats. In fact, according to Gartner Inc, the global information security market is forecast to grow at a five-year CAGR of 8.7% to reach a massive $188.8 billion by 2023.