Threat detection and response platform Cynet has raised $13 million in Series B funding.
The round, led by Norwest Venture Partners with participation from Shlomo Kramer and returning investor Ibex Investors, brings total disclosed investment in the company to $20 million.
“Cynet brings to market a solution which is truly leveling the playing field for businesses looking to protect the internal network,” said Shlomo Kramer. “For the first time, any size organization can implement the same grade security as large enterprise organizations, regardless of their size and regardless of limited resources or budget.”
Small to medium size enterprises do not have the resources to define, select, integrate and manage dozens of products from different vendors.
– Dror Nahumi, General Partner, Norwest Venture Partners
Cynet markets itself as a ‘holistic’ solution, emphasising ease and speed of implementation, and lack of need for additional products. Cybersecurity stacks in general are if anything growing in size and complexity, with a 2017 survey by Cisco finding that most organisations use between six and fifty separate products.
“Almost all cybersecurity solutions are built to address one vertical in the complex enterprise defense architecture,” said Dror Nahumi, general partner at Norwest Venture Partners. “However, small to medium size enterprises do not have the resources to define, select, integrate and manage dozens of products from different vendors. We are impressed with Cynet’s vision and proven customer success to enable a complete defense solution from a single platform, addressing this huge market demand.”
Of course, there’s no such thing as a ‘silver bullet’ solution, and there are many reasons an organisation might prefer to maintain a complex IT security architecture. But for SMEs in particular – for whom IT and information security budgets are already limited – the appeal of cutting that stack down to just a few products, or even just one, is significant.
“We feel confident going forward, especially with the backing of industry giants like Norwest and Shlomo Kramer,” said Eyal Gruner, founder and co-CEO of Cynet. “This investment further empowers us in our mission of enabling any size company to achieve the same enterprise-grade security solution as large-scale organizations. Millions of endpoints around the world are protected by the Cynet 360 platform, and we’re proud to be able to ensure that people sleep soundly, knowing that their assets are secured by Cynet.”
According to the company, the new funds will be used to grow its client base, and continue to fuel the development of its products.