Singapore security firm Oneberry banks $21.7m for expansion

Oneberry Technologies, a Singapore-based security and surveillance solutions provider, has raised S$30 million (US$21.7 million) in a series A funding round led by local private equity firm CMIA Capital Partners and Malaysia-based Bintang Capital Partners.

Photo credit: Ecole Polytechnique

Founded in 2003, Oneberry has been focused on the surveillance industry, with a vision to automate security services. It has since worked with clients in both public and private sectors. The company provided its services during the Trump-Kim Summit and the 33rd ASEAN Summit in Singapore last year.

Oneberry plans to use the new investment to expand its services to other Southeast Asian markets. The fresh capital will “help us execute our vision more rapidly into new sectors such as commercial, residential, industrial, retail, and also overseas where the opportunities are tremendous,” said founder and CEO Ken Pereira.

The latest fundraise will also help the company “step up our research and development initiatives, accelerate our compelling growth strategies, and allow us to explore emerging industries of growth, including cybersecurity,” Arun Murthy, Oneberry deputy CEO, said.

The company looks to increase funding in its cybersecurity and robotics development and continue developing its end-to-end solutions to combat new threats, said Murthy.

According to a survey, cybersecurity has become one of the top tech focus areas of 2019 for tech leaders and information executives in Southeast Asia. About a third of survey respondents said that risk management, data analytics, and cybersecurity would account for most of their spending in the next two years.

Late last year, the Monetary Authority of Singapore launched a US$22 million Cybersecurity Capabilities Grant under the country’s Financial Sector Technology and Innovation Scheme to help spur the development of advanced cybersecurity functions.

Cybersecurity was also part of the city-state’s priority industries in its push to become a global hub.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.38.