Total amount raised
$78 Millions
Latest funding date
3/1/2021
Location
Cynet has successfully raised significant funding through multiple rounds, including a Series C round closed on March 11, 2021. The company specializes in providing an all-in-one cybersecurity platform designed for Managed Service Providers (MSPs) and Small to Medium-sized Enterprises (SMEs).
Keep reading to explore the intricacies of Cynet's fundraising journey and the investors backing this innovative platform.
What Is Cynet?
Cynet, founded in 2015 by Boaz Zilber, Eyal Gruner, and Netanel Amar, is headquartered in New York, New York. The company specializes in providing an autonomous breach protection platform that consolidates and automates monitoring, attack prevention, and response orchestration across the entire environment.
Designed for Managed Service Providers (MSPs) and Small to Medium-sized Enterprises (SMEs), Cynet's platform offers a comprehensive, enterprise-grade solution for internal network security. It continuously collects and analyzes all endpoint, user, file, and network activities to ensure robust protection.
With a workforce of 251-500 employees, Cynet continues to innovate in the cybersecurity space, delivering ease of use and comprehensive protection to its clients.
How Much Funding Has Cynet Raised?
- Series A
- Amount Raised: $7M
- Date: February 2016
- Lead Investors: Ibex Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their autonomous breach protection platform.
- Series B
- Amount Raised: $13M
- Date: June 2018
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance platform capabilities.
- Series B
- Amount Raised: $18M
- Date: June 2020
- Lead Investors: BlueRed Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and scale operations in new markets.
- Series C
- Amount Raised: $40M
- Date: March 2021
- Lead Investors: Greenfield Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet the growing demand for their Autonomous XDR Platform and expand in North American and European markets.
Total amount raised: $78M. Current valuation: Not publicly disclosed.
Key Investors
- Greenfield Partners
- Details: Greenfield Partners is an Israel-based investment firm focused on early growth stage technology and tech-enabled businesses. They have a presence in Tel Aviv and New York.
- Investment Focus Areas: Technology, growth-stage companies, tech-enabled businesses.
- Notable Investments: Guardicore, Avanan, Quali.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm that partners with entrepreneurs to build companies. They invest in early to late-stage companies.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, BlueJeans.
- Vintage Investment Partners
- Details: Vintage Investment Partners is a leading venture capital and private equity firm. They specialize in secondary funds, co-investments, and direct investments in technology companies.
- Investment Focus Areas: Secondary funds, co-investments, technology.
- Notable Investments: Not publicly disclosed.
- BlueRed Partners
- Details: BlueRed Partners is a venture capital firm that invests in technology-driven companies. They focus on growth and innovation.
- Investment Focus Areas: Technology, growth-stage companies, innovation.
- Notable Investments: Not publicly disclosed.
- Deutsche Telekom
- Details: Deutsche Telekom is a major telecommunications company. They invest in technology and telecommunications sectors.
- Investment Focus Areas: Telecommunications, technology, digital services.
- Notable Investments: Not publicly disclosed.
What's Next for Cynet?
With the recent $40 million Series C funding, Cynet is poised to capitalize on the growing demand for autonomous XDR platforms, particularly in North America and Europe. The company aims to simplify cybersecurity for organizations with small security teams, leveraging the expertise of Chris Roberts to enhance their platform.
Future fundraising opportunities seem promising, given the substantial market potential and ongoing demand for Cynet’s solutions. However, the company will need to navigate challenges such as competition from other cybersecurity firms and the rapidly evolving threat landscape to maintain its edge.
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