SpiderSilk, a Dubai-based cybersecurity AI startup, is making significant strides in the rapidly evolving world of cyber defense.
The firm announced a successful $9m funding round, spearheaded by Wa’ed Ventures, the $500m Kingdom-based venture capital fund of Aramco, according to a report from Wamda. The round also saw active participation from STV and Global Ventures.
The essence of SpiderSilk revolves around addressing the critical challenges in the cybersecurity realm. Established in 2019 by co-founders Rami El Malak and Mossab Hussein, the company offers an innovative AI-powered cyber defense platform, coupled with state-of-the-art continuous exposure detection technologies.
The capital from this funding will be channelled towards expanding SpiderSilk’s cyber defense technology offerings in Saudi Arabia, catering to the growing market need for top-notch cybersecurity solutions in the region.
SpiderSilk CEO Rami El Malak expressed his views on the significance of this achievement, saying, “While the GCC is a key technology market, there is hardly any IP being built in the region for the region and beyond, and we believe that it is increasingly important to achieve self-reliance in this sector for the benefit of the public and private organisations.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global