Cybersecurity startup Horangi nets $20m to support regional expansion

Singapore-based cybersecurity company Horangi announced that it has secured US$20 million in a series B funding round led by private equity firm Provident Growth.

Monk’s Hill Ventures, Australian venture capital firm Right Click Capital, and venture debt fund Genesis Alternative Ventures also participated in the round.

Horangi CEO and co-founder Paul Hadjy / Photo credit: Horangi

The latest funding brings Horangi’s total capital raised to US$23.1 million, according to a statement. In 2017, the startup bagged US$3.1 million in its series A round led by Monk’s Hill Ventures.

Horangi said it will use the new funds to enhance its cloud security product by integrating AI and machine learning capabilities, double its staff to 160 across Southeast Asia, and grow its presence in Singapore and Indonesia, where it sees the highest demand.

“Southeast Asia is one of the fastest-growing economies and digitizing rapidly,” said Horangi CEO and co-founder Paul Hadjy. “This is especially prevalent in Indonesia, where we have been focused on since 2016.”

Indonesia is one of the fastest-growing markets in the region, with growth rates above 40% a year. It was also estimated that more than 232 million cyber attacks occurred in the archipelago in 2018.

Horangi was founded in 2016 by Hadjy along with fellow ex-Palantir cybersecurity expert Lee Sult. Its services include penetration testing and virtual chief information security officers. Warden, its cloud security product, protects organizations using public cloud infrastructure from security threats and compliance violations.

The startup said it has served over 200 customers across the region, including Gojek, Ninja Van, ShopBack, Tiket, and PropertyGuru. It also recently announced that it became the first cybersecurity partner for Tokio Marine Insurance Singapore in Asia Pacific.