Israeli cybersecurity company Vulcan Cyber has announced the completion of a $21 million Series B financing round led by Dawn Capital with participation from Wipro Ventures and existing investors YL Ventures and Ten Eleven Ventures. Following this latest financing round, Henry Mason, Dawn Capital principal, will join John Brennan, YL Ventures partner, and Mark Hatfield, Ten Eleven Ventures founder and general partner, on the company's board.
The company says it will use the funds to support the rollout of its new vulnerability remediation solutions for cloud and application security teams, and to deliver Vulcan Free - a free risk-based vulnerability management (RBVM) platform for vulnerability and cyber risk prioritization.
With offices in Tel Aviv and San Francisco, the company was founded by CEO Yaniv Bar-Dayan, CPO Tal Morgenstern and CTO Roy Horev.
Vulcan Cyber has reported 500% growth in annual recurring revenue (ARR) in 2020. The new funding will also be used to satisfy substantial global demand for a SaaS solution that goes beyond vulnerability scanning and management to help IT and security teams achieve remediation outcomes and get fix done. The Vulcan Cyber platform helps enterprise teams collaborate from scan to fix to orchestrate and analyze remediation campaigns at scale.
Bar-Dayan said, "The launch of Vulcan Free underscores the Vulcan Cyber philosophy that vulnerability prioritization is not an end goal, but simply one element in proper remediation. Vulcan Free changes decades-old market dynamics that only focus on vulnerability identification instead of driving remediation outcomes. Remediation orchestration is the only viable way to deliberately align vulnerability management with the needs of digital business and cloud and application environments. This round of funding allows us to make these critical security tools available to more organizations free of cost, so they can get fix done."
Published by Globes, Israel business news - en.globes.co.il - on March 18, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021