Cyber security startup Horangi snags US$20m led by Provident Growth, Garage
CYBER security startup Horangi has raised US$20 million in a Series B round led by Provident Growth, a South-east Asia-focused private equity firm that has backed ride-hailing firm Gojek and travel e-commerce firm Traveloka.
Other participants in the funding round include existing investor Monk's Hill Ventures, Australian venture capital firm Right Click Capital, and venture debt fund Genesis Alternative Ventures. The new funding brings Horangi’s total funds raised to date to US$23.1 million.
It will use the money for expansion in South-east Asia, and plans to enhance its cloud-security product, Warden, by integrating artificial intelligence and machine-learning technologies in order to help organisations stay ahead of advanced threats.
The startup will also double its staff to 160 across the region, and significantly grow its presence in Singapore and Indonesia, where it sees the highest demand.
Its chief executive and co-founder Paul Hadjy said South-east Asian businesses are digitising rapidly, but due to the shortage of security expertise in the region, organisations are increasingly turning to security experts like Horangi.
"This is especially prevalent in Indonesia, where we have been focused on since 2016. Having a strong team, local insights and technology capabilities allow us to partner with strategic investors to help propel our next growth stage," he added.
Since its launch in 2016 by former Palantir cybersecurity experts Mr Hadjy and Lee Sult, Horangi has worked with over 200 customers, including Gojek, Ninja Van, ShopBack and PropertyGuru.
The startup said earlier this month that it has snagged a partnership with Tokio Marine Insurance Singapore, marking the global insurance company's first partnership with a cyber security firm in the Asia-Pacific region.
Michael Aw, partner at Provident Growth, said of its investment: "Horangi has a stellar founding team with many years of cyber security experience, and has established a strong brand among reputable technology customers and a market-leading position in its core markets."
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