Cybersecurity startup watchTowr raises US$8m in pre-Series A funding

SINGAPORE-BASED cybersecurity startup watchTowr has secured US$8 million in a pre-Series A funding round co-led by Prosus Ventures, the investment arm of Internet group Prosus, and Microsoft co-founder Paul Allen's Vulcan Capital.

Early-stage investor Wavemaker Partners also joined in the round. watchTowr had previously raised US$2.25 million in seed capital from Vulcan Capital and Wavemaker Partners in November last year.

watchTowr will use the fresh funds to enhance its proprietary platform and seize growth opportunities in markets outside of South-east Asia. The startup, which kicked off operations late last year, offers a platform that gives organisations real-time visibility of how they could be compromised – as opposed to traditional approaches like penetration testing.

“By continuously incorporating the latest attacker tactics and techniques into the watchTowr platform, chief information security officers can understand their susceptibility to emerging vulnerabilities and threats in hours, rather than weeks or months,” said the startup’s chief executive Benjamin Harris.

watchTowr said that it is seeing interest from banks, financial services and insurance companies, and e-commerce and technology brands.

Tommy Teo, managing director and head of South-east Asia for Vulcan Capital, said that the startup “in a very short period of time has demonstrated promising traction and aptitude to grow”.

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Sachin Bhanot, head of South-east Asia investments at Prosus Ventures said that this investment expands the firm’s portfolio in cybersecurity and data privacy. “Our entry at an early stage reflects our conviction in the platform,” he added.