[Funding alert] Goldman Sachs-backed cybersecurity startup CYFIRMA raises Series A round

Singapore-based cybersecurity firm Cyfirma, which has offices in Bengaluru and Tokyo, on Friday announced it has raised Series A round of funding from Z3Partners, an early-growth private equity fund. 

With this investment, Z3Partners joins Goldman Sachs and Zodius Capital as a shareholder of CYFIRMA. The startup has raised $8 million till date, including the current round. 

Ritesh Kumar, Founder and CEO of CYFIRMA, said,

“Having the financial support of Z3Partners will accelerate our product engineering efforts, grow our team, and bring our innovative threat intelligence platform to new markets rapidly.”

“Our unique way of looking at cyber threat analytics, gathering intelligence across deep and dark web as well as surface web to unravel motivations of threat actors and stop cyber-attack at its track has been a winning formula for many of our clients,” he added.

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This new investment round comes just four months after CYFIRMA’s separation from Antuit Group in October 2019. 

The company said it will use the fresh funds to support the development roadmap of CYFIRMA’s cyber-intelligence analytics platform, adding functionalities that will enhance its predictive capabilities as well as building adjacent features that will complete the cybersecurity ecosystem. 

According to a report by Gartner, the global information security market is forecast to grow at a five-year CAGR of 8.7 percent to reach $188.8 billion in 2023. With the new funding, CYFIRMA said it will further capitalise on its position as a leader in the cyber visibility and threat intelligence category in Japan to expand into markets across Asia including India and the US.

“CYFIRMA’s offering is well-timed with the rapidly increasing demand for quality threat intelligence to guide digital transformation and drive business results. The platform is a powerful solution to bring threat intelligence conversations into boardrooms across all industries,” added Gautam Patel, Managing Partner, Z3Partners.

Z3Partners is a $100 million early-growth PE fund that has invested in the India technology and digital market for over 20 years. 

(Edited by Megha Reddy)