By Onome Amuge
The global cybertech sector recorded a significant decline in March 2023 compared to March 2022 as investment raised by cybertech companies globally reached a combined $293 million in March 2023, a 81 per cent drop from March 2022, according to cybertech investment stats published by FinTech Global.
The world’s leading provider of financial technology (Fintech) information services, also noted that deal activities in the cybertech space saw a 44 per cent decline to 53 transactions year-on-year.
The USA was ranked the most active cybertech country in March 2023 with 25 deals announced, and 50 per cent share of global cybertech deals during the month under review. Israel was ranked the second most active cybertech country with four deals, recording an eight per cent share, while the UK was ranked third with three deals.
Meanwhile, OneTrust, which helps companies manage privacy, security, and governance requirements, was the largest cybertech deal in March 2023, raising $50 million in its latest funding round according to SEC filing from Guido Torrini, CFO.
Business A.M gathered that this will be the largest funding round the Atlanta based privacy and security software provider has carried out since it laid off 25 per cent of its workforce in July 2022.
Commenting on the company’s cybertech deal, Blake Brannon, chief product and strategy officer at OneTrust, said the company took a bold step to deliver the world’s first Trust Intelligence platform that enables customers to operationalise privacy management and data ethics, remain resilient with robust governance and third-party risk management, drive a speak-up culture rooted in ethical practices, and demonstrate progress against ESG and sustainability commitments.
On the company’s new enhancements to its intelligence platform, Brannon said; “Trust is quickly becoming a top priority for business leaders, and they are looking for a whole new level of automation to scale their programmes.”
The souls of our ancestors will now rest in peace!