In a funding series led by New North Ventures and Converge VC, CYBERA Global Inc. has raised an additional US$5 million in equity funding.

The other investors who also took part in the equity round include Serpentine Ventures, CV VC, the ex-financial supervisor of the Vatican, Rene Brulhart and Marcel Rohner, the former UBS head and present President of the Swiss Bankers Association.

CYBERA intends to use the additional money to build cybercrime-related solutions that focus on sharing reports of cybercrime victims.

Since many regional, international, and local scams are involved in cybercrimes, enforcing laws to curb these problems has become a major challenge. The FBI’s IC3 division estimated the cost of financial cybercrimes at $6.9 billion in 2021, which is up by 164% from the previous year.

CYBERA hopes the funding will help create a list of suspicious accounts worldwide. The company has identified more than two thousand such accounts and managed to freeze the money linked to cybercrimes.

Nicola Staub, CYBERA’s CEO, said that the solution is fully scalable and addresses critical security issues.

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