Israeli cybersecurity optimization solutions company CYE announced today that it has raised $120 million in a financing round led by the global investment organization EQT, with participation from existing investor, 83North. The company declined to say how much it has raised to date.
The company was founded in 2012 by CEO Reuven Aronashvili. He told "Globes," "Since our last financing round in 2018 the company has grown from 40 employees to 70 employees and we hope to have more than 100 employees by the end of the year, most of whom will be R&D people and cybersecurity experts.
Aronshvili added that the latest financing round was at a valuation of less than $1 billion but he says that within 12 month the company will reach the $1 billion valuation. The company is headquartered in Israel with sales offices in the US and Europe.
CYE's flagship product Hyver uses advanced algorithms and graph modeling to conduct a comprehensive cybersecurity assessment, covering the entire organization, as well as third-party vendors. Highly experienced 'red teams' then perform real, non-simulated attacks, allowing CYE to accurately predict possible attack routes, giving customers the ability to prevent such attacks before they occur, as well as the knowledge of where resources need to be invested.
Aronashvili said, "At CYE, we are laser-focused on building a company that fundamentally changes the way organizations approach cybersecurity, enabling them to accurately assess the most urgent threats to their business. As we continue to build on this foundation, we are thrilled to welcome EQT as our new partner and are very excited to kickstart CYE's next phase of expansion and innovation," said Reuven Aronashvili, Founder and CEO of CYE.
CYE's nearly 200 customers include Novartis, Philips, UBS and Nokia.
EQT was represented in the deal by Adv. Tomer Farkash of Herzog law firm, and CYE was represented by Adv. Liron Hacohen of Yigal Arnon
Published by Globes, Israel business news - en.globes.co.il - on February 10, 2021
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