CYFIRMA raises Series A funding to fuel product development and business expansion
The new funds will accelerate the development of CYFIRMA’s cybersecurity analytics platform to address the need for advanced threat intelligence and predictive capabilities
CYFIRMA, a predictive cyber-threat visibility and intelligence analytics platform company, announced today they have raised Series A round of funding from Z3Partners, an early- growth Private Equity Fund that is known to discover nascent technology trends and support entrepreneurs in their journey towards market leadership. With this investment, Z3Partners joins Goldman Sachs and Zodius Capital as a shareholder of CYFIRMA. The Company has raised $8 million till date including the current round.
This new investment round comes just four months after CYFIRMA’s separation from Antuit Group in October 2019. This latest round of funding reaffirms CYFIRMA’s business model and strengthens its position as a fast-rising cybersecurity and threat intelligence player.
According to Gartner Inc., the global information security market is forecast to grow at a five-year CAGR of 8.7% to reach $188.8 billion in 20231. This new spending will be driven by regulations and increased awareness as organizations’ needs evolve to address more complex threats. CYFIRMA’s threat intelligence platform is already in use by Fortune Top 500 companies. With the new funding, CYFIRMA will further capitalize 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.
The funds will be used 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.
“CYFIRMA has been disrupting the cybersecurity landscape since its inception – born out of the urgent need to help business leaders decipher relevant and critical threats in a sea of noise so that decisive actions can be taken to prevent massive brand and financial damages. 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,” said Ritesh Kumar, Founder and CEO of CYFIRMA. “I’m glad Z3Partners share in our vision. 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.”
“We are excited to partner with Kumar Ritesh and his team to build CYFIRMA into a dominant cyber threat analytics global player. 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 and we look forward to collaborating with and supporting them as they work to build a great company in an exciting category,” said Gautam Patel, Managing Partner, Z3Partners.
Z3Partners is a $100 million early-growth Private Equity Fund that has endorsed the India Technology & Digital market for over 20 years. Along this journey, Z3Partners has been instrumental in helping entrepreneurs build large, profitable and sustainable businesses. Z3Partners is known to back early trends, and discover teams that represent market leadership, quality-at-scale, and good governance.
Source: 1 Gartner Forecast Information Security and Risk Management, Worldwide, 2017-2023, 4Q19 Update