Cybereason, developer of an advanced platform for defense against cyberattacks, announced last week that it has raised $275 million in a new round of funding led by Liberty Strategic Capital, a private equity firm established by former U.S. Secretary of Treasury Steven Mnuchin who serves as managing partner. Irving Investors, Neuberger Berman and Softbank also participated in the round. The latest investment triples the worth of the company that until this round had raised $389 million from Spark Capital, Lockheed Martin, CRV and Softbank since the company was founded in 2012.
The round will enable the company to continue its rapid growth that has been spurred by market demand for an advanced defense platform that excels in stopping ransomware attacks and sophisticated cyberattacks. Cybereason's technology provides a view of every element of a cyberattack on a single screen instead of hundreds of different alerts. Using the great amount of data collected in real time, the product identifies suspicious behaviors and displays how the incident unfolds using a simple and interactive interface. The platform enables organizations to continuously supervise their various systems and identify, investigate, isolate and stop attacks before damage is caused to the organization.
Former U.S. Secretary of Treasury Steven Mnuchin, who serves as managing partner at Liberty Strategic Capital, said "Cybereason is fast becoming the global leader in cyber defense technology, and we could not be more pleased to make this extraordinary innovator the first addition to Liberty Strategic Capital’s portfolio."
"Cybereason has established itself as a visionary in prevention, detection and response, and Liberty Strategic Capital is excited to partner with the Cybereason team in their cutting-edge work to defend critical information networks, businesses, and governments around the world against the growing danger of cyber attacks. We are confident in Cybereason’s ability to deliver a superior product to customers and provide best-in-class critical infrastructure defense." The former secretary will join the Cybereason Board of Directors, and General (Ret.) Joseph F. Dunford, former chairman of the Joint Chiefs of Staff who is a senior advisor at Liberty, will join Cybereason’s Advisory Board.
Lior Div, CEO and co-founder of Cybereason, said "Over the past year, we’ve experienced hypergrowth across the globe as defenders recognize that ending advanced attacks isn’t possible using solutions that rely on meaningless alerts and human intervention. Existing – even 'next-gen' – solutions are fundamentally flawed, creating the dynamic we have today where the defender is constantly struggling to keep pace with attackers. Unlike our prolific alert-generating competitors, Cybereason takes an approach that enables defenders to end malicious operations instantly, resulting in the most comprehensive prevention, detection and response solution on the market. This is how we are returning the high ground to the defenders – and we are just getting started."
Cybereason experienced rapid growth during the last year. It was ranked on CNBC's list of the 50 most innovative companies, was named in the 2021 Gartner report as one of the companies with the most advanced technological visions in the global endpoint protection field, and received top scores in the MITRE Engenuity ATT&CK Evaluations including 100% defense from 54 attack techniques that were examined.
In addition, the company protected its customers from sophisticated cyberattacks that other security solutions missed, including the supply chain attack on SolarWinds, the attack on Microsoft Exchange servers, and destructive ransomware attacks such as those by Conti, REvil, DarkSide and other syndicates.