CyCognito, which aims to identify blind spots in IT systems, has bagged $18m in its Series A round led by Lightspeed Venture Partners.
Other contributions came from Sorenson Ventures and Lightspeed partner John W. Thompson.
The cybersecurity startup previously raised a $5m seed round. Investors from the former round, including UpWest and Dan Scheinman, also contributed to the Series A.
CyCognito aims to identify and remove “shadow risk”, a business’ security blind spots, which RegTech believes have increased due to the influx of cloud, partner and subsidiary environments.
Its technology tackles this problem by automating offensive cybersecurity operations which continuously monitor assets to uncover any vulnerabilities.
The cybersecurity company has plans to grow the size of three of its key teams. Firstly, it will expand the engineering and sales divisions to address the growing demand for its services. Next it will bolster the customer success team in order to ensure seamless adoption, renewals and partnerships.
Finally, the company will increase staff numbers on its marketing unit to bolster the brand awareness.
Lightspeed Venture partner Arif Janmohamed said, “As enterprises have adopted the cloud, their security perimeter has evolved, which has exposed them to new threats. Their existing solutions were not built for today’s reality. CyCognito is a modern, automated platform that redefines the way brands protect themselves and their customers from today’s and tomorrow’s cyberattacks.”
Copyright © 2019 FinTech Global
