MicroSec, a Singapore-based cybersecurity firm, announced it has raised an undisclosed sum in its series A round of financing led by MassMutual Ventures. Existing investors including Wavemaker Partners and Seeds Capital also backed the firm.
Founded in 2016, MicroSec combines cybersecurity, cryptography, and machine learning to help government and industrial organizations protect their operational technology infrastructure. The company’s enterprise-grade security capabilities for IoT devices include an anomaly detection system that provides intelligent detection of tampering and misuse of devices.
Its security platform also offers features such as security lifecycle management, optimized keys and certificate management on edge devices, and an intrusion detection system, among others.
The cybersecurity startup has raised US$3.2 million in total funding to date. It will use the fresh funds to expand its technical capabilities and accelerate product development.
“Our mission is to create a connected world that is secure and safe for businesses, and to accelerate progress in this mission, MicroSec has made key executive appointments to grow our leadership team,” said Vishram Mishra, CEO and co-founder of MicroSec.
The company plans to double its headcount from 15 to 29 by the end of 2021 across all departments.
MicroSec’s clients include Singaporean government agencies such as the Cyber Security Agency of Singapore, the Government Technology Agency, and the Housing and Development Board. The firm also caters to global tech companies such as Infineon Technologies and Honeywell.
Singapore’s cybersecurity market is expected to reach US$889 million in 2022. Meanwhile, the Asia Pacific cybersecurity market is poised to outperform the global market by hitting the US$40 billion mark in 2022.