• Cyber attacks are on the rise and cost organisations an average of USD 4 million per breach
  • Aiculus protects critical systems with adaptive & intelligent machine learning software

SINGAPORE, JULY 9, 2020 Aiculus, a Singapore-based software security provider, today announced a USD 670,000 seed financing round led by early-stage venture capital firm Cocoon Capital alongside an angel investor. 

Aiculus provides intelligent cybersecurity capabilities to businesses that use application program interfaces, or APIs. The company secures operational APIs without having to access confidential user data, maintaining compliance with privacy protection legislation.

Aiculus will use the funds to grow its technology team and accelerate growth across Australia, Singapore and Southeast Asia. Over the next 18 months, Aiculus will also be expanding its network of partners to support its growth within the financial services industry in addition to other selected sectors using API technology.

Since 2015, more and more financial institutions have opened up for outside access to parts of their financial infrastructure. This digital “platformisation” has been propelled by open banking regulations being adopted across the world. It has also led to an explosion in the use of APIs to facilitate this access. Open digital platforms are not just happening in banking and financial services but across all industry verticals due to their strategic advantage in connecting diverse systems.

“Globally, the API market is growing rapidly at 30 per cent annually, bringing a greater need for proper safeguards to prevent data breaches. Aiculus not only helps organisations manage API risks but also allows them to fully leverage the benefits of open digital platforms”, said Dr Omaru Maruatona, CEO and Founder of Aiculus.

“Aiculus is addressing a key need for financial services to secure their data and services while adapting to a more open financial infrastructure. Protecting financial institutions also protects the broader national security. We at Cocoon Capital are extremely impressed by what the founders have achieved in a short time and the quality of customers they are already working with”, said Will Klippgen, Managing Partner at Cocoon Capital. Klippgen recently joined the Aiculus board of directors.

Aiculus earlier participated in ICE71 Accelerate, a three-month accelerator programme for early-stage cybersecurity start-ups. As part of the programme, they received funding from the ICE71 co-founders – Singtel Innov8, the venture capital arm of the Singtel Group, and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS). In 2019, Aiculus secured pilots with large financial corporations based in Singapore and Australia. Recently, Aiculus was awarded a Singapore government innovation grant to contribute to an integrated knowledge base of API threats and API security.