Investment to Support Accelerated Adoption of Virtual Cyber Fusion Platform and Continued Growth to Meet Significant Market Demand
Cyware, the industry’s only Virtual Cyber Fusion platform provider, today announced that it raised $30 million in Series B funding. The round was led by Advent International through Advent Tech, as well as Ten Eleven Ventures, with participation from previous investors, including the Prelude Fund (the venture practice at Mercato Partners), Emerald Development Managers, Great Road Holdings and Zscaler. The new investment brings Cyware’s total funding raised to date to $43 million.
The Series B financing comes amidst significant momentum for the company. In 2020, Cyware achieved over 120 percent year-over-year growth in annual recurring revenue, marking its third straight year with triple-digit growth. The company will use the funds to double down on product innovation, increase hiring across all departments and expand its global sales and channel programs.
Cyware’s Virtual Cyber Fusion platform combines technical and strategic threat intelligence and next-generation security orchestration, automation and response (SOAR) to deliver the visibility security operations teams need to work collaboratively and better protect their organizations from advanced attacks. Its unified platform brings together historically siloed security efforts to deliver a collaborative threat response and increases analyst productivity through intelligent threat scoring, empowering rapid response to high-priority threat alerts.
“In our increasingly connected environment, companies of all sizes are demanding new and innovative cybersecurity solutions,” said Eric Noeth, a Principal on Advent’s technology team in Palo Alto. “Cyware’s early traction among leading enterprises and major ISACs reflects its ability to bring together all key security functions to seamlessly anticipate, contextualize and remediate threats. We look forward to drawing on our experience in this sector to help the talented Cyware team make its Virtual Cyber Fusion platform the gold standard technology for enterprises around the world.”
The company’s growing customer base includes several major Information Sharing and Analysis Centers (ISACs). Cyware’s platform empowers them to share threat intelligence between their members and enables cross-sector information sharing through automated, ISAC-to-ISAC level alert sharing. ISAC members feature leading cybersecurity practitioners who hold positions at large enterprise organizations across every industry globally. Cyware is also bringing several National CERTs, security alliances and collaboration groups together to build a true global “Network of Threat Sharing Networks,” enabling real-time Indicators of Compromise (IOCs), malware and vulnerability alert sharing between members.
“By providing our security analysts with a single source of truth for threat intelligence and response actions, Cyware has been a true business enabler and incredible addition to our security stack,” said Anthony Belfiore, Chief Security Officer, Aon, and a Board member at Cyware. “Cyware’s ability to automate threat intelligence has allowed us to scale and bolster our security defenses, allowing our analysts to execute higher level tasks and remain laser focused on high-priority threats to our environment.”
“Over the past decade, security operations teams have had difficulty with trying to sift through copious amounts of threat data and lacked the humans’ role as part of their security orchestration strategies,” said Anuj Goel, Ph.D., Co-founder and CEO of Cyware. “Our goal with our Virtual Cyber Fusion platform is to help our customers unite their security teams to efficiently respond to high-priority threats by connecting the dots in their environments, and the momentum we’re experiencing is proof that we are executing on that mission. This Series B financing will help us continue to overdeliver for customers, expand our team, improve our platform and truly revolutionize how security operations and threat intelligence teams work together.”