Monday, 2024 May 27

Cynet raises USD 40 million for the first ever autonomous XDR platform

Israeli cybersecurity startup Cynet, the world’s first autonomous XDR (cross-layered detection and response) platform, said on Wednesday that it has raised a USD 40 million Series C funding round.

The round was led by Greenfield Partners, with participation from existing investors Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners, and Deutsche Telekom.

Founded in 2015, the Tel Aviv-based firm created Cynet360, the world’s first platform that natively integrates XDR prevention and detection capabilities with automated investigation and remediation.

XDR platforms collect and correlate data across multiple security layers—email, endpoint, server, cloud workloads, and network.

The investment will be used to meet the demand for Cynet’s platform from companies of all sizes, including those with small security teams in need of holistic and efficient cyber solutions.

Cynet also announced that recognized cybersecurity researcher Chris Roberts is joining the company as chief security strategist.

“I empathize with security teams stationed in resource-constrained organizations that are struggling to protect their people and companies from the continuous barrage of digital threats,” said Roberts. “I look forward to working with these clients to develop and implement enterprise-grade defense and risk reduction techniques using a combination of pragmatic operational practices and modern, integrated technologies such as Cynet’s automated, consolidated protection platform.”

“The massive surge in interest and demand for Cynet’s offering confirms that organizations of all sizes need intuitive and affordable approaches to cybersecurity,” said Avery Schwartz, partner at Greenfield Partners. “Cynet proves that effective breach protection doesn’t have to be costly and complex by simplifying, consolidating, and automating the critical technologies required to protect against modern-day threats.”

“Cynet has experienced exponential growth by solving a real problem, eliminating the complexity involved with effective cybersecurity,” said Eyal Gruner, co-founder and CEO of Cynet. “This round of financing will allow us to expand our team to meet client and market demand.”

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This article first appeared in NoCamels, which covers innovations from Israel for a global audience.


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