AI-powered cybersecurity company Cylance has raised $120m in Series E funding, in a round led by Blackstone Tactical Opportunities.
“Cylance has proven that artificial intelligence can defend against cybersecurity problems that were previously thought impossible to prevent,” said CEO Stuart McClure. “With the most advanced application of AI in endpoint security, Cylance products continuously learn and improve over time, enabling customers to achieve a state of ‘Perpetual Prevention’ and creating a simple silence on the endpoint.”
Cylance claims to have over 4,000 customers, including more than 20% of the Fortune 500, and disclosed revenues of $130 million for the 2018 fiscal year, representing 90% year-on-year growth. The company says it will use the Series E funding to extend its product range and increase global expansion efforts, with a particular focus on Europe, the Middle East, and Asia Pacific.
“Blackstone was an early believer in Cylance’s approach of applying AI to prevent one of the most difficult issues businesses face today – cyberattacks that disrupt operations and damage reputations,” said Viral Patel, Senior Managing Director in Blackstone’s Tactical Opportunities group.
“This has been a unique opportunity to participate in funding a company helping to turn the tide against a very serious threat to organizations worldwide,” added Dave Johnson, a Senior Advisor to Blackstone.
“We are honored to have Blackstone Tactical Opportunities expand its commitment to Cylance by leading this round of financing,” said Brian Robins, Chief Financial Officer at Cylance. “The investment supports our growth strategy and will enable us to continue on the path to becoming cash flow positive.”