Autonomous breach protection startup Cynet Security Ltd. announced today it has raised $40 million in new funding to expand its business reach in the North American and European markets.
The Series C round was led by Greenfield Partners and included Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners and Deutsche Telekom.
Founded in 2015, Cynet provides a breach protection platform that uses artificial intelligence-powered autonomous endpoint protection and response to stop cyberattacks. The company’s Cynet 360 platform provides cross-layered detection and response along with user and network attack prevention and detection capabilities.
Cynet XDR, the company’s cross-layered detection and response offering, uses next-generation access control, EDR, network detection and response, user and entity behavior analytics and deception technologies with completely automated attack investigation and remediation on a single, intuitive platform. The service is backed by a 24/7 managed detection and response service.
The company claims that its autonomous breach protection solution provides the customer with best-of-breed adaptive protection, including the widest set of commodity and advanced threats with zero operational overhead, maintenance efforts or manual operation.
“Cynet has experienced exponential growth by solving a real problem, eliminating the complexity involved with effective cybersecurity,” Eyal Gruner, co-founder and chief executive officer of Cynet, said in a statement. “This round of financing will allow us to expand our team to meet client and market demand.”
Along with the funding, Cynet also announced that cybersecurity researcher Chris Roberts is joining the company in the role of chief security strategist. According to an online biography, Roberts is considered “one of the world’s foremost experts on counter threat intelligence and vulnerability research within the Information Security industry.”
“I empathize with security teams stationed in resource-constrained organizations that are struggling to protect their people and companies from the continuous barrage of digital threats,” Roberts said. “I look forward to working with these clients to develop and implement enterprise-grade defense and risk reduction techniques using a combination of pragmatic operational practices and modern, integrated technologies.”
Including the new funding, Cynet has raised $78 million to date, including a round of $18 million in July.
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