Mobile cyber security specialist WISeKey, which is backed by Saudi Crown Investment, has raised additional funds as part of its third and final pre-IPO investment round.
The new $25m investment includes $10m received in the second quarter and an option to invest an additional $15m.
Following the third investment round, the company expects to raise a further $40m in pre-IPO funding to expand into the BRIC markets and relocate a significant part of its operations to the US.
Saudi Crown Investment CEO Kaher Ben Naser Tahat said, “We are delighted to establish a Joint Venture WISeKey Saudi Arabia and assist the company to open business for WISeKey as the KSA will be spending more than $6bn in 2013 on cybersecurity.
“Under the joint venture agreement, WISeKey and Saudi Crown Investment SA will become financial and operational founders of the new entity.”
WISeKey expects to take its pre-IPO fundraising total to $120m and raise the funds from US-based institutional investors and its joint venture partners in China, India, Russia and Saudi Arabia.
It estimates that its total valuation after the final fundraising round will be $400m.
WISeKey noted that IBM is said to be paying $800m to $1bn for cyber security company Trusteer, which had revenues of $40m in 2012.
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