Israeli cybersecurity startup Cynet announced June 29 it closed an $18 million Series B+ funding round, saying the capital will be used to further enhance the company's breach prevention platform, finance technological advancements and expand sales and brand awareness in international markets.
The round was led by BlueRed Partners, joined by strategic investors Deutsche Telekom and Merlin International, with additional participation from existing investors Norwest Venture Partners and Ibex Investors.
“Having this esteemed list of investors participating in Cynet’s success is instrumental as we continue our evolution and enter the next phase of growth,” said Eyal Gruner, co-founder and CEO of Cynet. “This round of financing provides additional runway to execute further with our growing family of partners and customers, while aggressively expanding our footprint globally.”
According to Cynet, the company aims to make breach protection within reach for any organization, regardless of its size and security skills, based on the concept of autonomous breach protection, namely zero operational overhead, zero maintenance efforts, and zero manual operations, while providing adaptive protection from the widest set of commodity and advanced threats.
Cynet says there has been a "massive surge" in partners using its Cynet 360 platform as their incident response tool to gain immediate visibility into compromised networks, identify threats and remediate them surgically. The company reportedly has hundreds of customers worldwide.
“Cynet has the requisite talent and technology to succeed in the white-hot cybersecurity market, particularly automated breach protection, which continues to present growth opportunities to innovation leaders,” said Yishai Klein, managing partner at BlueRed Partners. “Their support and success rate for organizational cybersecurity initiatives with respect to threat prevention, detection and response have been very impressive. We are excited to lead this round as the company is well positioned in the market to deliver highly differentiated and adaptive solutions. We look forward to helping the company expand into the Asia market.”