Cybersecurity startup CYFIRMA raised $5.5 million in Pre-Series B from Israel’s venture fund OurCrowd and India’s L&T Innovation Fund. CYFIRMA serves the rest of the SEA region, as well as the US and the EU.
The funds from the latest fund will be used for product innovation, as well as expansion into North America, Europe, and the MENA region, in addition to the SEA market. The funds will also be used for hiring and brand development across multiple verticals.
Ritesh said of the funding round, “We recognise the critical role that Israel plays in the cybersecurity market in delivering groundbreaking technology, and OurCrowd has been at the forefront of cybersecurity innovation, with a rich history of making markets and assisting in the creation of some of the industry’s most successful startups.”
CYFIRMA describes itself as an external threat management platform because it combines cyber intelligence with attack interface discovery to protect against digital risks. It employs cloud-based AI and ML-powered analytics to provide a hacker’s perspective with deep insights into the external cyber landscape, assisting clients in staying alert to potential attacks.
The number of cyber crimes is directly proportional to increasing digitisation and reliance on technology. This, in turn, has increased entities’ reliance on threat management platforms.