Israeli cybersecurity company Cynet today announced it has closed a $40 million Series C financing round led by Greenfield Partners with participation from existing investors Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners and Deutsche Telekom. The investment will be used to meet demand for Cynet’s Autonomous XDR Platform from companies of all sizes, including those with small security teams in need of more holistic and efficient cyber solutions.
Following a steep rise in sales in North America during 2020, Cynet will use the new funds to maintain its rapid expansion in the North American and European markets and meet rising demand for it Autonomous XDR Platform.
Cynet combines multiple security controls and response automation on a unified autonomous XDR platform that does not require additional staff to operate. Cynet’s platform is backed by a 24/7 Managed Detection and Response (MDR) service that is included for all clients at no extra cost. These integrated features act like an autopilot to enable organizations with even the smallest security teams to manage their threat protection with little manual intervention.
Cynet was founded in 2015 by CEO Eyal Gruner together with Idan Amir and Boaz Zilber who are no longer active in the company. Cynet has 180 employees of whom 100 are in its Israeli development centers in Tel Aviv and Rishon Lezion.
Gruner said, "Cynet has experienced exponential growth by solving a real problem, eliminating the complexity involved with effective cybersecurity. This round of financing will allow us to expand our team to meet client and market demand."
Published by Globes, Israel business news - en.globes.co.il - on March 10, 2021
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