Israeli cybersecurity scale-up Cynet has raised $18 million in Series B+ funding to further product development and expand internationally, particularly throughout the US and into Asia. The round was led by BlueRed Partners, a Singapore-based venture capital fund that specifically helps Israeli tech companies expand into APAC. Deutsche Telekom (a Cynet customer) and Merlin International joined as strategic investors, each with plans to go to market with the startup. Existing investors Norwest Venture Partners and Ibex Investors participated as well.
Competing with the likes of CrowdStrike, Palo Alto Networks, FireEye, Cisco and Microsoft, the company aims “to make breach protection within reach for any organization, regardless of its size and security skills.” In addition to its autonomous breach prevention platform, the team offers a free incident response tool.
“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,” said Yishai Klein, managing partner of BlueRed. “We look forward to helping the company expand into the Asia market,” he added.
Cynet co-founder and CEO Eyal Gruner commented, “This round of financing provides additional runway to execute further with our growing family of partners and customers, while aggressively expanding our footprint globally.”
Founded in 2015, Cynet has more than a 100 employees, 85 of whom are based in Israel and the rest in New York City.