CYFIRMA Raises $5.5Million from Larsen & Toubro, Israel's OurCrowd

Updated on: 17 April 2023 5:54 pm

Through this partnership, the riders working on the EVIFY platform will have access to withdraw a certain fixed percentage of their accrued salary every month in advance to meet their fund requirements

Evify Partners With Fatakpay To Provide Credit Facility To Riders Photo: Through this partnership, the riders working on the EVIFY platform will have access to withdraw a certain fixed percentage of their accrued salary every month in advance to meet their fund requirements

CYFIRMA, an external threat landscape management company, has raised $5.5 million in a pre-series B funding round from Israel’s venture fund OurCrowd and Indian conglomerate Larsen & Toubro’s L&T Innovation Fund.

With this investment, these firms join CYFIRMA’s existing investors Goldman Sachs, Zodius Capital, and Z3 Partners.

Since its inception, CYFIRMA has raised nearly $ 18 million till date.

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The company will utilise the funds for product innovation and entering new global markets in North America, Europe and MENA region in addition to growing the existing markets in SEA, including India, Singapore and Japan. The funds will also be utilised for hiring across verticals and in brand building.

Addressing the fundraising event, Kumar Ritesh, Founder and CEO, of CYFIRMA says, “Adding OurCrowd and L&T Innovation Fund to our capital table is exactly what we need to take our company to the next level. We recognize 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 helping create some of the most successful startups in the industry. By partnering with them, CYFIRMA will benefit from an unparalleled wealth of knowledge and experience, allowing us to continue advancing our platforms.”

“Larsen & Toubro represents one of the most forward-thinking technology and infrastructure companies. It holds deep expertise in engineering, industrial, construction and IT industries, and is known for delivering innovative products and solutions that include platforms for AI, 5G, smart buildings, and much more. L&T brings strategic value to CYFIRMA and will accelerate our business growth through its market and segment reach as well as domain expertise,” he added.

Commenting on their decision to invest, Shankar Raman, CFO and Whole-time Director at L&T, said, “At L&T, we harness technology to address pressing challenges facing various industries in their digital transformation journey and we recognize the critical role cybersecurity plays in this. CYFIRMA has a proven record of helping businesses mitigate potentially crippling attacks so that digital innovation can flourish. It is an excellent example of the type of company our fund was built to support. We are now here to accelerate CYFIRMA’s global reach and bring their platform to businesses around the world.”