Cybersecurity startup Cynet raises $18M in Series B+ funding to provide autonomous breach protection
Cynet, a New York City and Rishon Le’Zion, Israel-based autonomous breach protection startup company, has raised $18m in Series B+ funding to expand in the U.S. and international markets and to further develop its CyOps team. The round was led by the Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund advised by DTCP, led the round, with participation from new investors BlueRed Partners and Merlin International and existing investors Norwest Venture Partners and Ibex Investors. To date, Cynet has raised a total of $38 million in funding.
Cynet was founded in 2015 by security experts Eyal Gruner and Netanel Amar with the sole purpose of bringing breach protection within reach of any organization, regardless of size and security skills, thus resulting in the Autonomous Breach Protection with the Cynet 360 platform. The Autonomous Breach Protection solution provides the customer with best-of-breed adaptive protection—from the widest set of commodity and advanced threats—with zero operational overhead, zero maintenance efforts, and zero manual operation.
With the increase in frequency, scope, sophistication level, and severity of cyberattacks, companies must be prepared to combat cybersecurity. It is particularly challenging for small- and medium-sized enterprises (SMEs) to find budget for, and integrate and manage, a broad range of siloed solutions. Cynet had SMEs in mind when developing their tools. The breach protection company covers a broader range of security concerns than other players and offers solutions that meet SME budget and IT department size constraints, whilst guaranteeing easy deployment. Cynet also offers one of the best tools for standardized and automated managed cyber defence with strong Endpoint Detection and Response (EDR) forensic and auto-remediation capabilities.
“With the current shortage in cybersecurity talent and increasing resource constraints, enterprises of all sizes need to simplify their product stacks,” says DTCP Analyst Florent-Aurélien Couturier-Crouzillac. “Cynet is addressing that problem at its core by combining a broad range of security features in a robust breach protection platform which enables its customer to reduce operational overhead, maintenance efforts, and manual inputs to a minimum.”