Singtel Innov8 backs US, Singapore-based CounterTack
SingTel Innov8, the venture arm of Singapore telecom giant SingTel, has co-led a $20 million Series D round for US and Singapore-based cybersecurity company CoutnerTack alongside US-based SAP National Security Services.
If follows a $10 million investment last year from existing investors including Singapore’s EDBI, Mitsui & Co, Siemens Venture Capital and a group of US strategic and VC investors. The company received a $15 million Series C round in 2015 with participation from US military fund OnPoint Technologies and a $20 million Series B in 2014 led by French telecom Alcatel-Lucent.
The new capital will be used to support a global expansion. The company claimed to grow about 150% year-on-year in Asia Pacific during 2016 through strategic reseller partnerships and customer wins with regional banks.
“We are excited to partner with CounterTack to support the delivery of truly innovative endpoint security technology on a global scale,” Jeff Karras, managing director at Singtel Innov8, said in a statement. “CounterTack takes a differentiated approach to protecting large organizations from attacks like ransomware and other advanced threats. Their track record in delivering innovative endpoint security to customers worldwide is spectacular.”
Founded in 2011, CounterTack offers cybersecurity platform technology to more than 250 enterprise customers globally using a combination of threat context, organizational resiliency, and broad visibility, to mitigate endpoint risk and reduce the impact of advanced attacks. The technology incorporates machine learning and what is said to be the industry’s only true behavior and memory-based platform endpoint threat platform. Endpoint security requires internet-capable devices in a given network to comply with established access criteria.
US cross-border partnerships have played an important role in the expansion of cybersecurity investment in Asia. CB Insights has estimated that as much as 80% of global cybersecurity investment is received by US companies.
SingTel Innov8 was active in this space in 2014, leading a $25 million round for US-based mobile cloud security services company Bitglass. EDBI has made similar investments in Shape Security and Hewlett-Packard spin-off HPE – both US players rolling out Asian expansions.
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