Software security firm Cybeats raises over $6.2m in funding

Software security firm Cybeats raises over $6.2m in funding

Cybeats Technologies, a cybersecurity firm specialising in software bill of materials (SBOM) management and software supply chain intelligence technology, has successfully closed its second and final tranche of a non-brokered private placement.

The funding round amassed over $6.2m, with the final tranche generating $4.1m from the issuance of 4,109,000 units at $1.00 per unit. Overall, a total of 6,221,000 units were issued across both tranches of the offering.

Cybeats offers a unique solution within the cybersecurity space, focusing on SBOM management and software supply chain intelligence. The firm enables organisations to manage risk, meet compliance requirements, and secure their software across all stages – from procurement to development and operation. It promises comprehensive visibility and transparency into the client’s software supply chain, boosting operational efficiency and revenue.

This fresh funding will primarily be used for general corporate purposes and to bolster working capital. Moreover, as Cybeats CEO Yoav Raiter said, “The capital raise will fuel the ongoing support of our overwhelming commercial demand within the growing SBOM management market. The additional working capital will also support the onboarding of recently announced enterprise clients.”

To comply with securities laws, the securities issued upon closing of the offering will be subject to a hold period of four months plus a day from the date of closing. The closing of the offering is also contingent on the receipt of all necessary regulatory and other approvals.

In an interesting development, the offering also constituted a “related party transaction”. An insider of the company acquired 40,000 units, but this did not exceed 25% of the market capitalisation of the company, hence the exemptions from the valuation and minority shareholder approval requirements were granted.

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