Israeli cyber security company LightCyber has closed a $20 million financing round. The round was led by the US-based group, Access Industries, through its Israeli technology investments entity, Claltech, and network security luminary Shlomo Kramer, who joined the LightCyber board of directors last year. Existing investors Battery Ventures, Glilot Capital Partners and Amplify Partners also participated in this latest financing round.
With offices in Ramat Gan and the US, LightCyber was founded in 2012 by CPO Giora Engel and CTO Michael Mumcuglu. The company provides Behavioral Attack Detection solutions and its products have been deployed by top-tier customers around the world in industries including the financial, legal, telecom, government, media and technology sectors.
Kramer said, “LightCyber has clearly proven that the Magna Behavioral Attack Detection platform can provide organizations with an unprecedented level of security visibility that can pinpoint active network attackers quickly and accurately and curtail a potential data breach. The market need and opportunity for the Magna platform is extraordinarily high, so it is important to facilitate rapid global expansion.” The new funding will be used for fueling further growth in sales and marketing worldwide. LightCyber has been expanding rapidly since its last round of funding in September 2014. Last month, the company announced the opening of its EMEA regional headquarters and operations in the UK and DACH (Germany, Austria and Switzerland). It also started its APAC operations earlier this year. LightCyber has grown its sales team by 150% over the past three months and plans to grow it by a total of 400% by year end. In early 2015, LightCyber established its US headquarters in Silicon Valley, and has been rapidly expanding domestically. LightCyber provides companies with security visibility into active attacks from cybercriminals and insiders that would otherwise be invisible to traditional security. Organizations must expect that motivated attackers can always circumvent conventional threat prevention infrastructure and penetrate their networks. The LightCyber Magna platform detects these active attackers by their operational activities and curtails a data breach or other consequences.
LightCyber CEO Gonen Fink said, "The proven value of our Magna platform validates that enterprises need a fundamentally different approach to detect active attackers based on the live behavioral profiling of user accounts, network traffic, and endpoint systems. The strong progress we made during 2015 reflects the efficacy of our solution and the growing market realization that preventative security alone is no longer sufficient.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016