New York-based global cybersecurity provider BlueVoyant on Thursday announced that it raised $68 million in a Series B round of funding led by Singapore state-owned investment company Temasek Holdings.
The cybersecurity startup, which has offices in New York, Maryland, San Francisco, London, Madrid, Tel Aviv, and the Philippines, said the financing round was joined by new and other existing investors and brought its total funding to $275 million.
The latest round comes just 14 months after BlueVoyant raised $82.5 million in a Series B round backed by financial technology giant Fiserv.
Co-founder and CEO Jim Rosenthal said the company’s third round of funding would allow it to hire more technical, sales, and marketing resources for its managed security, third-party cyber risk, and cyber defence services.
“This latest round of funding will enable BlueVoyant to continue to service and build our ever-growing customer base, providing them with the most advanced cybersecurity defence capabilities,” said Rosenthal.
Founded in 2017, Bluevoyant employs 228 people, including former government cybersecurity officials, and responds to advanced cyber threats on behalf of the National Security Agency, Federal Bureau of Investigation, Unit 8200, and GCHQ.
Per a report by Fortune Business Insights, the global cybersecurity market is expected to register a CAGR of 10.6 per cent until 2026, with the market value forecast to reach $289.9 billion by then.
Last year, Temasek acquired cybersecurity firm D’Crypt from local telco StarHub and D’Crypt’s founding shareholders for about $72.3 million. It also led a $60-million funding round in New York-based cybersecurity company Claroty in 2018.
Recently, Singapore-based cybersecurity firm Cyfirma raised an undisclosed amount in Series A financing from private equity firm Z3Partners. Another Singaporean cybersecurity startup, Horangi, raised a $20 million Series B round led by Southeast Asian private equity firm Provident Growth.
In China, Tencent has announced that it will invest $70 billion over the next five years in technology infrastructure, including cloud computing, artificial intelligence, and cybersecurity. Meanwhile, cybersecurity firm Qi An Xin Group filed its prospectus in May for a proposed 4.5 billion yuan ($634 million) initial public offering (IPO) on the Nasdaq-style STAR Market.