Cynet, an autonomous breach protection platform, has closed its Series B+ round on $18m.
BlueRed Partners led the investment, with contributions also coming from Deutsche Telekom, Merlin International, Norwest Venture Partners and Ibex Investors. As part of the investment Merlin International and Deutsche Telekom will also go to market with Cynet.
This equity infusion has been earmarked to developer the next generation of its breach prevention platform, as well as expand its presence in the US and around the world.
The cybersecurity company originally closed its initial Series B round back in 2018 on $13m. Backers included Norwest Venture Partners, Ibex Investors and serial cyber investor Shlomo Kramer.
With the Series B+ round, Cynet believes it is now in the position to scale its platform and increase the advancements of its platform.
Cynet aims to improve breach protection within organisations through autonomous breach protection, which has zero operational overhead, zero maintenance efforts and zero manual operations.
Its Cynet 360 tool consolidates and automates monitoring and control, attack prevention and detection, and response orchestration. The platform continuously analyses activity signals from the protected environment including user activity, process behaviour and network traffic to uncover attacks.
BlueRed Partners managing partner Yishai Klein said, “Cynet has the requisite talent and technology to succeed in the white-hot cybersecurity market, particularly automated breach protection, which continues to present growth opportunities to innovation leaders.
“Their support and success rate for organizational cybersecurity initiatives with respect to threat prevention, detection and response have been very impressive. We are excited to lead this round as the company is well positioned in the market to deliver highly differentiated and adaptive solutions. We look forward to helping the company expand into the Asia market.”
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