In a pre-series A financing that was jointly led by Prosus Ventures and Vulcan Capital, the Singapore-based cybersecurity firm watchTowr earned US $8 million. Existing supporter Wavemaker Partners also took part in the fundraising.
WatchTowr, a startup that was just recently established, provides its clients with a real-time perspective of how attackers see their tech stacks in order to protect them from security breaches. Data analysis is used in its solution to find weaknesses and the strategies used by attackers.
The business claimed in a statement that since its final investment round in November 2021, it has assisted enterprises in protecting themselves against vulnerabilities like the Log4Shell and ProxyShell attacks. The company was also approved for the Infocomm Media Development Authority’s SG:D Spark Program, a program that fosters the expansion of media companies with a Singaporean basis, in June of this year.
The fresh funding, according to WatchTowr, will be used to develop its technology and explore markets outside of Southeast Asia.
“This investment enables us to expand our portfolio in the domain of cybersecurity and data privacy,” said Sachin Bhanot, head of Southeast Asia investments at Prosus.
The investment comes at a time when cybersecurity technology is in greater demand in Southeast Asia. About 79 percent of CEOs are planning to invest in professional cybersecurity people, according to a recent poll by the US-based company Fortinet.