ECONOMY | Staff Reporter, Singapore

Daily Briefing: Temasek leads $60m funding round for US cybersecurity startup; SembCorp stock plunges to near 11-month low

And market watches question $15m Singapore shouldered for the Trump-Kim summit.

From DealStreet Asia:

New York-headquartered cybersecurity startup Claroty has closed a $60-million Series B funding round led by Singapore’s state investment firm Temasek Holdings.

The round was joined by Rockwell Automation, Schneider Electric-sponsored Aster Capital, Siemens-backed Next47, Envision Ventures, and Tekfen Ventures. Existing investors such as Bessemer Venture Partners, Team8, Innovation Endeavors, and ICV also participated in the round.

The Series B round brings the total external funding raised by Claroty to $93 million. 

Read more here.  

From The Motley Fool:

In early May, Sembcorp Industries reported its 2018 first quarter results. Revenue for the reporting quarter jumped by 30% year-on-year to S$2.76 billion.

But, EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter actually fell by 17% year-on-year to S$286 million. Profit from operations for the quarter declined harder, as it came in at S$213 million, 21% lower compared to a year ago. Ultimately, Sembcorp Industries’ net profit for the quarter sank by 34% year-on-year to S$77 million.

Read more here

From CNBC:

The tiny island-state of Singapore in Southeast Asia not only hosted the historic meeting between President Donald Trump and North Korean leader Kim Jong Un on Tuesday, but the wealthy country also racked up a 20 million-Singapore-dollar ($15 million) bill. The money spent by the city-state went in part toward catering to the needs of over 2,500 journalists covering the event, who were set up in a building usually for the country's annual Formula 1 race. About 300 public officers staffed the center around the clock over three days.

Some in Singapore were not so convinced, however, taking to social media to complain about picking up the tab for the event in what is already one of the world's most expensive cities.

Read more here

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