Is CyFirma profitable in 2026?

CyFirma has not disclosed audited revenue or profit figures. Aggregator estimates for annual revenue conflict widely, so profitability cannot be confirmed. Its most recent disclosed capital event was a $5M round in January 2025 led by MDI Ventures, suggesting continued reliance on outside funding rather than self-sustaining profit.

CyFirma is privately held and founder-led. Kumar Ritesh, who founded the company in 2017, remains Chairman and CEO as of 2026. It has raised roughly $22.5M across about six rounds, with MDI Ventures investing $5M in January 2025; there is no public listing or SPAC merger as of July 2026.

Could AI replace CyFirma's threat intelligence service?

CyFirma's core work, dark-web scraping and CVE correlation, overlaps directly with AI-native rivals. CyCognito markets zero-input AI discovery and Bitsight claims sub-one-minute AI correlation (as of July 2026), both automating the same layer CyFirma sells, pressuring its human-curated report model.

Who is CyFirma's biggest competitor?

CyFirma competes against much larger incumbents: Google Mandiant, CrowdStrike Falcon Intelligence, IBM Randori, and Recorded Future, which Mastercard acquired for about $2.65B in 2024. AI-native challengers CyCognito and Bitsight also target the same automated attack-surface and threat-intel market.

How much funding has CyFirma raised?

CyFirma has raised approximately $22.5M across about six rounds as of January 2025, per CB Insights. Its most recent round was $5M in January 2025, led by MDI Ventures, aimed at expanding presence in Southeast Asia. A prior valuation was recorded at $90M in April 2023.

Is CyFirma going public?

No confirmed IPO or SPAC merger exists for CyFirma as of July 2026. Some pre-IPO trading platforms like EquityZen list it under a ticker label 'CYMA', reflecting secondary-market speculation, but this is not an actual listing and no SGX, Nasdaq or NYSE filing has been reported.

Cybersecurity companies · India

CyFirma

cyfirma.com ↗

Singapore-based threat intelligence firm that tracks hacker chatter and exposed attack surfaces.

Little protection left

Assessed 26 July 2026 · Evidence as of 26 July 2026

Not much stands between this business and its pressures.

On the recordSince 26 July 2026 · Checkable from by early 2027 · Every call on the record Checkpoint: Window for a Series B or acquisition at a higher valuation than 2023's $90M closes

The call

CyFirma is a small, independent threat-intel shop trying to hold ground while AI-native rivals automate its core work and a Mastercard-backed giant expands into its markets.

CyFirma searches the dark web and public internet to find cybersecurity risks and alerts clients to new vulnerabilities. The problem is that the work it does, scraping websites, matching threats to known weaknesses, organizing threat information, is exactly what AI tools and large tech companies are now automating faster and cheaper. CyFirma has no exclusive data or locked-in customers to protect it from rivals like Recorded Future (now owned by Mastercard), Google Mandiant, or newer AI-native startups like CyCognito that can do discovery in seconds. The one thing that could change the picture is a major funding round from a top-tier investor at a much higher valuation, which would signal the market still sees independent value; if that doesn't happen in the next year, the direction is likely set.

Why

AI pressure: CyCognito and Bitsight. CyCognito's zero-input discovery and Bitsight's sub-minute AI correlation already automate the dark-web scraping and CVE matching CyFirma sells by hand. Could AI do the core job? Yes, likely.

Bigger players: Mastercard-owned Recorded Future, Google Mandiant, IBM Randori. Recorded Future ($2.65B Mastercard deal) and Mandiant are pushing into APAC and mid-market, the exact turf CyFirma depends on. Could a giant copy it? Yes, easily.

What protects it. A handful of Fortune 500 and government accounts plus new Carahsoft and RAH Infotech reseller deals keep some revenue sticky.

What would change this call

CyFirma announces a Series B or growth round with a tier-1 global backer within 12-18 months. Would show it can fund a defense against incumbents and AI-native rivals.
Mastercard/Recorded Future or Google Mandiant announce APAC mid-market bundled pricing. Would show incumbents actively targeting CyFirma's regional customer base.
A mid-tier platform (SentinelOne, Rapid7, Tenable, Trellix) acquires CyFirma. Would show CyFirma exiting independently rather than scaling against giants.

Key numbers

$5M round led by MDI Ventures (2025-01)
Total disclosed funding about $22.5M (2025-01)
Claims 30+ Fortune 500 customers (2025-01)

Named risks

Sub-scale independent competing against Mastercard, Google and IBM-backed rivals with far greater resources. Severity: high
Core dark-web scraping and correlation workflow being automated by AI-native rivals CyCognito and Bitsight. Severity: high
Revenue and headcount figures remain unverified and conflicting across aggregator sources, obscuring real traction. Severity: medium
No confirmed audited financials or IPO path despite pre-IPO secondary market speculation under ticker CYMA. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Recorded Future (Mastercard)	losing to	Mastercard acquired Recorded Future for $2.65B in September 2024, consolidating category leadership
Google Mandiant	losing to	Hyperscaler-bundled threat intelligence and ASM offering via Google Cloud
CyCognito	losing to	Markets zero-input AI autonomous discovery, automating CyFirma's core workflow (as of March 2026)
Bitsight	losing to	Claims sub-one-minute AI-driven threat correlation as of July 2026
IBM Randori	contesting	Competing directly in attack surface management category
CrowdStrike Falcon Intelligence	contesting	Overlapping threat intelligence product line in same buyer segment

Questions people ask

Is CyFirma profitable in 2026?: CyFirma has not disclosed audited revenue or profit figures. Aggregator estimates for annual revenue conflict widely, so profitability cannot be confirmed. Its most recent disclosed capital event was a $5M round in January 2025 led by MDI Ventures, suggesting continued reliance on outside funding rather than self-sustaining profit.
Who owns CyFirma?: CyFirma is privately held and founder-led. Kumar Ritesh, who founded the company in 2017, remains Chairman and CEO as of 2026. It has raised roughly $22.5M across about six rounds, with MDI Ventures investing $5M in January 2025; there is no public listing or SPAC merger as of July 2026.
Could AI replace CyFirma's threat intelligence service?: CyFirma's core work, dark-web scraping and CVE correlation, overlaps directly with AI-native rivals. CyCognito markets zero-input AI discovery and Bitsight claims sub-one-minute AI correlation (as of July 2026), both automating the same layer CyFirma sells, pressuring its human-curated report model.
Who is CyFirma's biggest competitor?: CyFirma competes against much larger incumbents: Google Mandiant, CrowdStrike Falcon Intelligence, IBM Randori, and Recorded Future, which Mastercard acquired for about $2.65B in 2024. AI-native challengers CyCognito and Bitsight also target the same automated attack-surface and threat-intel market.
How much funding has CyFirma raised?: CyFirma has raised approximately $22.5M across about six rounds as of January 2025, per CB Insights. Its most recent round was $5M in January 2025, led by MDI Ventures, aimed at expanding presence in Southeast Asia. A prior valuation was recorded at $90M in April 2023.
Is CyFirma going public?: No confirmed IPO or SPAC merger exists for CyFirma as of July 2026. Some pre-IPO trading platforms like EquityZen list it under a ticker label 'CYMA', reflecting secondary-market speculation, but this is not an actual listing and no SGX, Nasdaq or NYSE filing has been reported.

Timeline

2026-07-10Announced distribution partnership with India's RAH Infotech
2026-04-13Deepened ANZ push, hired VP Sales Rajeev Mathur
2026-03-24Named Leader and Fast Mover in GigaOm ASM Radar
2025-12-18Announced DeCYFIR 4.0 with 9-Pillar AI Architecture
2025-11DeCYFIR 4.0 platform launched
2025-06-17Partnered with Carahsoft for US public-sector procurement
2025-01-21MDI Ventures invested $5M to expand in Southeast Asia
2023-04Valuation recorded at $90M in Series A-III round
2017CyFirma founded by Kumar Ritesh in Singapore

Revision history

26 July 2026

First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.

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