Cybersecurity startups raise $57.4m across 10 deals

Local cyber startups raised US$42.5m across 10 deals in 2024.

Singapore minted 15 cybersecurity product startups in 2024, roughly in line with a five-year average of 13 a year, with data security accounting for about a quarter of the 2020–2024 cohort, SGInnovate’s latest landscape report shows.

The 2024 tally rebounded to 2021 levels after a 2022 dip linked to COVID-era uncertainties and portfolio stabilisation by VCs, the report noted.

Local cyber startups raised $57.4m (US$42.5m) across 10 deals in 2024, with SecOps and GRC taking over half of transactions. Median Seed was $2.4m (US$1.8m) and median Series A $15.3m (US$11.3m); Series A was comparable to the global median, whilst Seed trailed.

Of 68 startups incorporated from 2020–2024, 42% have secured institutional funding; median time to first cheque is one year with a median $2.0m (US$1.5m) round. Two exits were recorded: Pingsafe (acquired by SentinelOne for $162m or US$120m) and Kontra (sold to Security Compass).

SGInnovate highlighted a shortage of dedicated cybersecurity funds and finds most backers invested in only one local company, pointing to an opportunistic rather than thematic approach.

The report also noted about one-third (20 of 68) startups are tied to local universities, with NUS most represented; CRPO (NTU+CSA) and TIG (NUS+CSA) are expected to increase spinoff creation.

The firm added threats from GenAI-enabled attacks and future quantum risks, plus regulation—MAS has committed up to $100m for quantum and AI capabilities—are set to drive demand and partnerships.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

Horizon3 sets up ASEAN headquarters in Singapore

The cybersecurity company will expand its local team following a $319.8m (US$250m) funding round.

Information Technology

1 hour ago

Daily Markets Briefing: STI slip 0.07%; Top stock is DFI Retail

DFI Retail is the top stock with a 1.82% increase.

Stocks

1 hour ago

Specialty chemicals manufacturing facility on Jurong Island for sale

The fully equipped facility is clean and ready to be recommissioned.

Commercial Property

13 hours ago

September surge masks looming export slowdown to 6% in 2027

Maybank raised its 2026 forecast to 27% from 18% in the same report.Non-oil domestic exports (NODX) growth could slow to 6% in 2027 as supply chain pressures and higher financing costs weigh on shipment momentum, Maybank Research Pte Ltd said.

Economy

17 hours ago