Cyfirma raises Series A funding from Z3Partners

Pune: Cyfirma, a predictive cyberthreat visibility and intelligence analytics platform company, said on Friday that it has raised Series A funding from Z3Partners, an early growth private equity fund. The Singapore and Tokyo headquartered company did not disclose the amount it has raised.

With this investment, Z3Partners joins Goldman Sachs and Zodius Capital as a shareholder of Cyfirma, which has raised $8 million in total including the current round.

“Our unique way of looking at cyberthreat analytics, gathering intelligence across deep and dark web as well as surface web to unravel motivations of threat actors and stop cyberattack at its track has been a winning formula for many of our clients,” said Ritesh Kumar, CEO, 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,” he said.

The company plans to use the funds to support development of Cyfirma’s cyber-intelligence analytics platform, add functionalities that will enhance its predictive capabilities and build adjacent features that will complete the cybersecurity ecosystem.

In October 2019, Cyfirma broke apart from the Antuit Group. The latest round of funding reaffirms Cyfirma’s business model and strengthens its position as a fast-rising cybersecurity and threat intelligence player, said the company.

“Cyfirma’s offering is well-timed with the rapidly increasing demand for quality threat intelligence to guide digital transformation and drive business results,” said Gautam Patel, managing partner, Z3Partners. “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.”

According to Gartner Inc., the global information security market is forecast to grow at a five-year compound annual growth rate of 8.7% to reach $188.8 billion in 2023. The new spending will be driven by regulations and increased awareness as organisations’ needs evolve to address more complex threats.

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