Cynet Raises $40 Million Series C Funding Round to Bring the First Autonomous XDR Platform to Organizations of all Sizes
Company also appoints Chris Roberts at Chief Security Strategist who brings ethical hacking and research experience to help organizations put threat protection on autopilot
BOSTON, March 10, 2021 /PRNewswire-PRWeb/ -- Cynet (http://www.cynet.com), provider of the world's first autonomous XDR platform, today announced it has closed a $40 million Series C funding round led by Greenfield Partners with participation from existing investors Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners and Deutsche Telekom. The investment will be used to meet the vigorous demand for Cynet's Autonomous XDR Platform from companies of all sizes, including those with small security teams in need of more holistic and efficient cyber solutions. Following a steep rise in sales in North America during 2020, Cynet is poised to maintain its rapid expansion in the North American and European markets.
Faced with a growing barrage of sophisticated cyberattacks, organizations are forced to deploy more threat prevention and detection technologies, add more solutions to automate and orchestrate security operations and acquire additional security expertise. However, doing so is costly and complex, which is further exasperated by the well-known shortage of cybersecurity talent. Cynet solves these problems by natively combining multiple security controls and sophisticated response automation on a unified autonomous XDR platform that does not require additional staff to operate. Cynet's platform is backed by a proactive 24/7 Managed Detection and Response (MDR) service that is included for all clients at no extra cost. All of this enables organizations with even the smallest security teams to manage their threat protection on autopilot – without manual intervention.
Cynet is also announcing that recognized cybersecurity researcher Chris Roberts is joining the company in the role of Chief Security Strategist. Roberts will leverage his 20+ years' security experience to assist and guide organizations of all sizes that are looking to simplify their cyber-security solutions and services through consolidation and automation.
"I empathize with security teams stationed in resource-constrained organizations that are struggling to protect their people and companies from the continuous barrage of digital threats," said Roberts. "I look forward to working with these clients to develop and implement enterprise-grade defense and risk reduction techniques using a combination of pragmatic operational practices and modern, integrated technologies such as Cynet's automated, consolidated protection platform."
"The massive surge in interest and demand for Cynet's offering confirms that organizations of all sizes need intuitive and affordable approaches to cybersecurity," said Avery Schwartz, Partner at Greenfield Partners. "Cynet proves that effective breach protection doesn't have to be costly and complex by simplifying, consolidating and automating the critical technologies required to protect against modern day threats."
"Cynet has experienced exponential growth by solving a real problem, eliminating the complexity involved with effective cybersecurity," said Eyal Gruner, Co-Founder and CEO of Cynet. "This round of financing will allow us to expand our team to meet client and market demand."
About Cynet
Cynet 360 is the world's first Autonomous Breach Protection platform that natively integrates XDR endpoint, user and network attack prevention and detection capabilities with an incident engine that fully automates investigation and remediation actions, backed by a 24/7 world-class MDR service. End to end, fully automated breach protection is now within reach of any organization, regardless of security team size and skill level. Visit: https://www.cynet.com.
About Greenfield Partners
Greenfield Partners is an Israel-based investment firm focused on exceptional early growth stage technology and tech-enabled businesses. With a dual presence in Tel Aviv and New York, the Greenfield team fuses investment and operating experience, deep local Israeli roots, and an expansive global network to support entrepreneurs in their quest to build thriving technology companies. Greenfield's roots date back to 2016, when it was established by TPG Growth as an investment platform for early growth technology investments in Israel. An independent fund since 2020, its culture remains grounded in this heritage, bringing the rigor and depth of private equity to early growth investing. The Greenfield team continues to serve as Senior Advisors to TPG Growth, and in this context seeks opportunities for collaboration on selected large-check, growth stage investments in Israel. Its portfolio includes such companies as Guardicore, Avanan, Quali, BigPanda, and Vast Data. Visit: http://www.greenfield-growth.com
Media Contact
Dori Harpaz, Cynet, +972 526950718, [email protected]
SOURCE Cynet
Share this article