Cyrebro, a cloud-based security operations center (SOC), today announced it has raised $15 million in a series B round led by Prytech. CEO Nadav Arbel says the capital, which brings the company’s total raised to $22 million, will be used to support development of the Cyrebro platform and strengthen the startup’s reach in the small and medium-sized business (SMB) market.
Email messages and files have become top attack vectors for stealing data, particularly as the pandemic necessitates novel work-from-home arrangements. Cybersecurity Ventures anticipates that the damage related to cybercrime will hit $6 trillion annually this year. Corresponding with this rise, Gartner reports that worldwide spending on cybersecurity is expected to reach $133.7 billion in 2022.
A streamlined approach
Cyrebro aims to address this with a platform that integrates cybersecurity tools into a single dashboard. Cyrebro shows critical incidents across business operations and security solutions, allowing response teams to conduct investigations by type, severity, and status. With Cyrebro, security analysts can drill down into events and see which assets were impacted, as well as recommended actions and real-time status. Beyond this, Cyrebro delivers insights about where most alerts are generated and where attention should be focused for preemptive steps.
“Global businesses of all sizes are facing the new threats of cyberattacks brought on by the pandemic, and companies now need simplified solutions to see, understand, and respond to their cybersecurity needs. With this understanding in mind, we created Cyrebro, a real-time, live security operation platform to enable online operations of the entire security stack,” Arbel told VentureBeat via email. “It is the only platform to address the full scope of cybersecurity needs in the most effective, powerful, and cost-efficient way. More than ever, organizations need holistic detection and response mechanisms while covering the complete suite of security solutions, including monitoring, threat hunting, response, and compliance.”
Aggregating cyber insights
Cyrebro collects and processes data from clouds, networks, and endpoints including laptops, desktops, and servers. A feature shows the geographic location of hosts with their coverage, connectivity state, and related alerts, and reporting functions enable users to generate audits with visualizations like pie charts.
Competition is fierce in a cybersecurity market that’s anticipated to reach $199.98 billion in value by 2025, according to Market Research Future. Securiti.ai, a developer building a platform designed to automate cybersecurity and compliance processes, recently emerged from stealth with $31 million. There’s also Swimland and Tines, a cybersecurity startup that helps enterprise security teams automate repetitive workflows.
But Arbel, which has 80 employees, says it has “hundreds” of paying customers, including casinos, global retailers, banks, insurance companies, and other Fortune 500 companies. “Over the past year, our customer base has grown by 100% and our employees by 20%. Since the start of COVID, SMBs experienced new challenges within their IT and cybersecurity departments. We realized the critical need to develop an accessible platform that simplifies proactive cyber operations for the average small to mid-sized business owner, allowing them to gain the posture of Fortune 500 enterprises,” he added. “Our business has grown exponentially, and we took on this round of funding to meet this new market demand for comprehensive online security solutions.”
InCapital, Mizrahi Bank, and previous investor Mangrove also participated in Tel Aviv, Israel-based Cyrebro’s latest round of funding.
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