Investment to Support Accelerated Adoption of Virtual Cyber Fusion Platform and Continued Growth to Meet Significant Market Demand
NEW YORK, March 16, 2021 /PRNewswire/ -- 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."
To learn more about how Cyware's Virtual Cyber Fusion Center platform improves security operations by combining threat intelligence and next-generation SOAR, visit: www.cyware.com.
Cyware helps enterprise cybersecurity teams build platform-agnostic virtual cyber fusion centers. Cyware is transforming security operations by delivering the cybersecurity industry's only Virtual Cyber Fusion Center Platform with next-generation SOAR (security orchestration, automation, and response) technology. As a result, organizations can increase speed and accuracy while reducing costs and analyst burnout. Cyware's Virtual Cyber Fusion solutions make secure collaboration, information sharing, and enhanced threat visibility a reality for enterprises, sharing communities (ISAC/ISAO), MSSPs, and government agencies of all sizes and needs. www.cyware.com
About Advent International
Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. Advent has a long history of growth investments dating back to its founding in 1984, and in 2019 launched Advent Tech, a dedicated technology-focused fund focused on growth investments and buyouts of leading technology companies globally. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
About Ten Eleven Ventures
Ten Eleven Ventures is the original venture capital firm focused solely on investing in digital security. The firm invests globally and at all stages, from seed to growth (the latter via its Joint Investment Alliance with KKR). Since its founding in Silicon Valley in 2015, Ten Eleven Ventures has raised nearly $US 500 million and invested in 27 leading cybersecurity companies including Twistlock, Verodin, Cylance, KnowBe4, Darktrace, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.
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