Israeli cybersecurity firm Cynet has secured $40 million in a Series C funding round to facilitate the company’s expansion in North America and Europe with its patented AI-powered endpoint security solution. Cynet has become a critically acclaimed cybersecurity provider globally, implementing advanced technologies, automated detection mechanisms, and sophisticated response tools in combatting the constantly evolving world of cyberattacks.
The investment was led by Greenfield Partners, with participation from existing investors Norwest Venture Partners, Ibex Investors, Deutsche Telekom Capital Partners, and Vintage Investment Partners. This latest funding brings the total raised to date to $71.5 million.
Cynet is a security platform comprising a range of capabilities, including endpoint detection, automated remediation, network security, and breach protection. Its AI-driven system is designed to prevent security breaches or quickly react to prevent breaches when they happen. Cynet aims to increase visibility at different levels of an organization’s operations and provide a one-click solution that detects and automatically responds to cybersecurity threats.
The Israeli firm has witnessed tremendous growth in recent times, with a 300% increase in revenue for the fiscal year ending in 2020. It currently serves over 1,000 customers worldwide, including some of the most significant organizations in the financial services, healthcare, and retail sectors.
The latest infusion of funds provides Cynet with the capital needed to accelerate its expansion in North America and Europe while adding extra capabilities to its flagship platform. The company plans to enhance existing offerings, including its cloud-based multi-layered next-gen antivirus solution that provides an all-in-one protection package that covers all attack vectors.
Attesting to Cynet’s success, Eyal Gruner, Cynet’s CEO, stated, “The explosion in the number of cyberattacks globally, coupled with the pandemic-driven remote work model, has compelled organizations to augment their cybersecurity posture with a single-platform solution that provides complete end-to-end security coverage.”
In conclusion, with the significant competition witnessed in the cybersecurity industry, Cynet’s innovative approach utilizing its AI-powered endpoint security solution has garnered the firm recognition as an industry leader with its cutting-edge solutions. With solid financial backing, Cynet is poised to achieve its growth strategy in North America and Europe and continue developing advanced cybersecurity solutions to combat the ever-growing threat of cyberattacks.
Israel’s Cynet, Which Provides AI-Powered Endpoint Security And Response To Stop Cyberattacks, Raises $40M Series C To Help It Expand In N. America And Europe (Duncan Riley/SiliconANGLE)