Cybersecurity tech startup Cyble raises $10 million Series A to monitor the dark web and fight cybercrime
The internet is a vast place with information on virtually every topic known to man. However, there is another side of the internet that is unknown to average users called the Dark Web–that part of the internet that assures the users with the anonymity of their IP addresses and any sorts of personal information using a specialized browser known as the Tor browser. Hackers and cybercriminals use the dark web as a marketplace for their illegal activities. Now, one startup is fighting back and taking the fight to hackers.
Enter Cyble, a cybersecurity tech startup that uses AI to help enterprises protect themselves from cybercrimes and exposure in the surface web, deep web, and dark web. Cyble was founded three years ago by Beenu Arora and Manish Chachada in 2019. The company continuously monitors the dark web and surface web data in real-time across open and closed sources to map, monitor, and mitigate companies’ digital risk footprint. Since its inception, Cyble is present in six countries and has tripled in business year over year.
Today, Cyble announced it has raised a $10 million in Series A financing round led by Blackbird, with participation from Spider Capital, January Capital, Cendana Capital, and VentureSouq. Cyble will use the funding proceeds to expand its product roadmap, enabling deeper penetration into existing & new markets, and amplifying its Research Labs (CRL) capabilities.
The news of Series A funding marks almost a year since Cyble’s initial Seed funding round. In April 2021, Cyble announced it raised $4M led by Blackbird and Spider Capital, with participation from Picus Capital and Cathexis Ventures. Since then, the company has built a solid foundation through sustainable growth, evolving its client offering with dark web, brand, and attack surface monitoring, growing its client base across 6 countries and increasing its headcount from 25 to 80 people.
“Cyble began with an ambitious goal to democratize visibility into the darkweb and empower organizations to fortify their security infrastructure and consequently ensure resilience to malicious cyberattacks,” says Manish Chachada, co-founder and COO of Cyble. “We are incredibly excited to receive the support from our investors to continue to carry out Cyble’s vision, and honored that Cyble is recognized as a leading voice in cybersecurity and a trusted partner that enables businesses to advance their Digital Risk Protection Strategy.”
Minsoo Chi of Spider Capital noted: “We’ve been impressed with Beenu and Manish and the entire Cyble team on their execution towards providing organizations with real-time visibility into the darkweb. We are thrilled to continue to support them in their vision to democratize digital risk protection.”
Tom Humphrey of Blackbird noted: “In less than 12 months, the growth that Cyble has achieved is nothing short of stunning. Beenu, Manish and their team have already made significant progress on the product roadmap and global expansion, and it’s clear they’re just getting started. Cyble is solving a big, painful problem for businesses across the world and we are proud to continue supporting their ambition.”
Alongside its continual focus to minimize and manage cyber risk for its clients, Cyble recently introduced a Law Enforcement Agency (LEA) and defense threat intelligence tailored solution, Cyble Hawk to aid law enforcement and government agencies in combating cyber risks that have national and geopolitical ramifications.
“The Series A funding round is a major milestone for our rapidly growing company, and affirmation of Cyble’s emergence as a pioneer and thought leader in the infosec industry. We are thrilled to receive this support and intend to direct these funds to drive our research, development, and intelligence capabilities to greater heights. It is no secret that cybercrime activity conducted in the dark web is rising exponentially, we believe that continuous threat intelligence and dark web monitoring are critical for organizations to identify and manage data breaches in a timely manner. Cyble is committed to delivering comprehensive cybersecurity solutions that resonate with our growing client base,” says Beenu Arora, CEO and Co-founder of Cyble.