Goldman Sachs-backed intel analytics co Cyfirma raises funds from Z3Partnersby Romita Majumdar
- The firm has raised $8 million till date
- Funds to be used to enhance its predictive capabilities
MUMBAI: Cyfirma, a predictive cyber-threat visibility and intelligence analytics platform company, announced on Friday it has raised Series A round of funding from Z3Partners, a $100 million early-growth Private Equity Fund.
With this investment, Z3Partners joins Goldman Sachs and Zodius Capital as a shareholder of Cyfirma. Cyfirma has raised $8 million till date including the current round.
This new investment round comes just four months after Cyfirma separation from Antuit Group in October 2019. The company works with many Fortune 500 companies and has offices and teams located in Singapore, Japan and India.
The funds will be used to support the development roadmap of Cyfirma cyber-intelligence analytics platform, adding functionalities that will enhance its predictive capabilities as well as building adjacent features that will complete the cybersecurity ecosystem.
Ritesh Kumar, Founder and CEO of Cyfirma said, “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."
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 2023. 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.
“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.