From: RegTech Analyst
Cybersecurity company CYR3CON has closed an $8.2m investment round led by Pivotal Group, with participation by Trumpf Ventures, 3Lines Venture Capital, DF Enterprises, Hike Ventures and other investors.
CYR3CON will use the money to grow its AI-powered cyber attack prediction software platform.
“We saw over a 70% increase in annual recurring revenue in 2020 so far. Additionally, recent successful product evaluations indicate that traction is accelerating,” said Paulo Shakarian, CEO of CYR3CON. “We also submitted nine patent applications in the past 12 months, which means we still have new capabilities to bring to the market.
“This new influx of capital and our partnership with Pivotal Group will enable us to obtain our growth objectives over the next 24 months. The pandemic has caused enterprises to increase their IT infrastructure yet must still secure it while staying within budget. Our AI based platform addresses these concerns head-on, enabling security teams to do more with less. Pivotal is the perfect partner for us to establish CYR3CON as the standard.”
F. Francis Najafi, CEO of Pivotal Group, will join CYR3CON’s board of directors as part of the deal.
“In a world that is growing increasingly dependent on the use of technology, the network infrastructure of large enterprises is being bombarded daily with malicious threats and attacks, along with required updates, patches, and alerts,” said Najafi.
“We believe that CYR3CON is poised for rapid growth as the company’s highly differentiated, AI-based prediction and prioritization capability fundamentally shifts how corporate enterprises prepare for and respond to these challenging times.”
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