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.

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